Serbia Producer Inflation Rises for 3rd Month

Producer inflation in Serbia edged up to 10.6% year-on-year in October 2026 from 10.5% in September, matching its highest level since January 2023 and marking a third consecutive monthly acceleration. Inflation accelerated sharply in mining and quarrying (30.8% vs 24.1%) and manufacturing (13% vs 12%). In contrast, price growth slowed significantly in electricity, gas, steam and air conditioning supply (0.4% vs 3.8%), while easing slightly in water supply, sewerage, waste management and remediation activities (5.5% vs 5.8%). Compared to the previous month, producer prices edged up 0.6%, slowing from a 1.6% increase in the prior month.

Serbia’s producer prices jumped by 10.5% year-on-year in September 2026 from 9.0% in the previous month. This marked the highest level since January 2023, driven largely by stronger inflation for energy (23.6% vs 19.3% in August), intermediate goods (5.6% vs 5.4%), capital goods (5.4% vs 5.3%), consumer durables (13.3% vs 10.1%), and non-durable consumer goods (2.2% vs 1.9%). By sector, costs increased in the manufacturing industry (12.0% vs 10.3%), lifted by gains in wood and wood products (6.3% vs 4.6%), coke and oil derivatives (68.8% vs 56.5%), and chemical and chemical products (15.5% vs 14.8%). Moreover, prices grew in mining and quarrying (24.1% vs 12.0%), while growth remained steady in water supply, sewerage, waste management, and remediation activities (at 5.8%). In contrast, inflation moderated in electricity, gas, steam, and air-conditioning supply (3.8% vs 3.9%). On a monthly basis, producer prices rose by 1.6%, easing from 1.9% in August.

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%.