Serbia Producer Prices Highest in 3 Years

Serbia’s producer prices rose by 5.3% year-on-year in March 2026, following a 0.2% growth in the previous month. This marked the highest reading since March 2023, as prices rebounded sharply in mining and quarrying (11% vs. -4.7% in February) and manufacturing (5.6% vs. -0.8%), particularly in the manufacture of coke and refined petroleum products (30.3% vs. -17.6%), chemicals and chemical products (5.4% vs. -0.9%), and beverages (4.5% vs. 2.7%). At the same time, prices remained stable for electricity, gas, steam, and air-conditioning supply at 3.9%. Meanwhile, inflation slowed in water supply, sewerage, waste management, and remediation activities (4.7% vs. 6%). On a monthly basis, producer prices increased by 4.9% in March, up from a 0.2% rise in the previous period.

Serbia’s producer prices fell by 0.3% year-on-year in January 2026, reversing a 1.7% rise in December. It marked the first producer deflation since May 2025, as prices slipped for manufacturing (-1.3% vs 0.8% in December), particularly manufacture of chemicals and chemical products (-1.2% vs 2.5%) and machinery and equipment nec (-0.2% vs 1.8%). Overall producer deflation was also weighed down by slowdowns in prices of electricity, gas, steam, and air-conditioning supply (3.9% vs 4%) and water supply, sewerage, waste management, and remediation activities (5.2% vs 21.4%). In addition, deflation worsened for mining and quarrying (-8.7% vs -6.7%). On a monthly basis, consumer prices declined 0.2% in January, slowing from a 0.4% fall in the previous month.

Serbia’s producer prices rose by 1.7% year-on-year in December 2025, easing from a ten-month high of 2.1% increase in the previous month. Main downward pressure came from an ongoing deflation in mining and quarrying, which dropped by 6.7%, slipping further from a 5.8% fall in November. At the same time, producer inflation slowed in the manufacturing sector (0.8% vs 1.3%), mainly driven by lower costs for the manufacture of coke and refined petroleum products and other transport equipment. On the other hand, prices continued to rise sharply for water supply; sewerage, waste management & remediation activities (21.4% vs 21.2%), while growth remained steady for electricity, gas, steam and air condition supply (at 4%). On a monthly basis, producer prices declined by 0.4% in December, the first drop in four months and reversing a 0.7% gain in the preceding period.