Serbia Producer Inflation Highest Since 2023

Producer prices in Serbia rose 9% year-on-year in August 2026, the most since February 2023, following a 6.2% gain in July. Producer price inflation accelerated in manufacturing (10.3% vs 6.8%), mining and quarrying (12% vs 8.5%), and water supply, sewerage, waste management and remediation activities (5.8% vs 3.9%). On the other hand, inflation slowed for electricity, gas, steam and air conditioning supply (3.9% vs 5.8%). Compared to the previous month, the PPI increased 1.9%.

Serbia's producer prices increased 6.2% year-on-year in July 2026, easing from a 7% rise in June and marking the second consecutive month of moderation. The slowdown was driven by softer inflation for energy (12% vs 14.9%) and intermediate goods (4.6% vs 5%), while durable consumer goods returned to positive territory (0.8% vs -5.5%). In contrast, price growth accelerated for capital goods (5% vs 4.1%), while inflation for non-durable consumer goods was unchanged at 1.6%. By sector, producer price inflation eased in manufacturing (6.8% vs 7.9%). However, inflation accelerated in electricity, gas, steam and air conditioning supply (5.8% vs 4.4%) and edged up in mining and quarrying (8.5% vs 8.4%), while remaining steady in water supply, sewerage, waste management and remediation activities (3.9%). On a monthly basis, producer prices fell 0.2%, following a 0.9% decline in June.

Serbia's producer prices rose 7.0% year-on-year in June 2026, easing from a 2023-high of 8.4% in May. The slowdown was driven mainly by mining, where prices eased sharply to 8.4% from 19.5%, reflecting slower price growth in crude oil and natural gas extraction (20.4% vs. 64.6%). Manufacturing inflation moderated to 7.9% from 9.4%, with softer price growth across several industries, including food products, which declined 0.2% following a 0.2% rise, beverages (4.0% vs. 4.2%), and rubber and plastic products (2.5% vs. 2.6%). Meanwhile, producer price inflation stood at 4.4% for water supply, sewerage, waste management and remediation activities, and 3.9% for electricity, gas, steam and air-conditioning supply. On a monthly basis, producer prices fell 0.9% in June, reversing a 0.1% increase in the previous month.