Serbia Inflation Rate Rises Further in October

Serbia's annual inflation rate rose to 4.4% in October 2026 from 4.1% in September, reaching its highest level since August 2025 and accelerating for a third consecutive month. Price growth accelerated across most categories. Food prices rebounded, rising 1.2% after falling 1.3%, while inflation picked up for transportation (10.9% vs 10.1%), furnishings and household equipment (3% vs 2.9%), information and communication (2.3% vs 2.2%), clothing and footwear (3.1% vs 1.8%) and education (2.1% vs 1.2%). On the other hand, inflation eased for housing and utilities (5.2% vs 9.7%), restaurants and hotels (5.4% vs 5.6%), insurance and financial services (3% vs 3.5%), alcoholic beverages and tobacco (6.4% vs 6.6%), health (7.4% vs 7.7%) and recreation and culture (8.7% vs 9.1%). From the previous month, consumer prices rose 0.8%, up from 0.2% in September.

The inflation rate in Serbia rose by 4.1% year-on-year in September 2026 from 2.2% in the previous month. The latest reading marked the highest reading since August 2025, as costs increased for transportation (10.1% vs 9.3% in August), furnishings and household equipment (2.9% vs 1.4%), information and communication (2.2% vs 2.1%), and miscellaneous goods and services (2.5% vs 1.1%). Moreover, price growth remained steady for clothing and footwear (at 1.8%), education (at 1.2%), restaurants and hotels (at 5.6%), and insurance and financial services (at 3.5%), while deflation slowed for food and non-alcoholic beverages (-1.3% vs -6.3%). On the other hand, prices decreased for alcoholic beverages and tobacco (6.6% vs 6.9%), housing utilities (9.7% vs 9.9%), health (7.7% vs 7.8%), and recreation and culture (9.1% vs 9.6%). On a monthly basis, consumer prices grew by 0.2% in August, easing from a four-month high of 0.5% in the preceding period.

The inflation rate in Serbia rose by 2.2% year-on-year in August 2026 from a five-year low of 1.9% in the previous month. Costs increased in alcoholic beverages and tobacco (6.9% vs 6.5% in July), clothing and footwear (1.8% vs 1.2%), housing and utilities (9.9% vs 9.7%), furnishing and household equipment (1.4% vs 0.6%), transportation (9.3% vs 7.1%), information and communication (2.1% vs 1.9%), and miscellaneous goods and services (1.1% vs 0.7%). Moreover, price growth remained unchanged for education (at 1.2%). In contrast, inflation grew at a softer pace for restaurants and hotels (5.6% vs 6.1%), insurance and financial services (3.5% vs 3.9%), recreation and culture (9.6% vs 10.0%), and health (7.8% vs 7.9%), while prices declined further for food and non-alcoholic beverages (-6.3% vs -6.1%). On a monthly basis, consumer prices increased by 0.5% in August, rebounding from a 0.2% fall in the preceding period.