Latest reading: Inflation edged down to 1.9% in June, which followed May’s 2.1%. June’s reading represented the weakest inflation rate...
Inflation in Serbia
Consumer price inflation in Serbia averaged 4.2% in the ten years to 2024, in line with the South-Eastern Europe regional average of 15.2%. The 2024 average figure was 4.7%. For more information on inflation, visit our dedicated page.
Serbia Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Serbia from 2014 to 2023.
Source: Macrobond.
Serbia Inflation Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 1.8 | 1.6 | 4.1 | 12.0 | 12.4 |
| Inflation (CPI, ann. var. %, eop) | 1.8 | 1.3 | 7.9 | 15.1 | 7.6 |
| Inflation (Core, ann. var. %, aop) | 1.3 | 1.6 | 2.2 | 7.1 | 9.3 |
Inflation rises above target in June
Latest reading: Inflation came in at 4.6% in June, up from May’s 3.8%. June's reading was the first above the Central Bank’s 1.5–4.5% tolerance band since January. Looking at the details of the release, food inflation hit its highest level since December 2023. Moreover, housing and utilities prices rose at a quicker pace in June compared to the previous month. The trend pointed up mildly, with annual average inflation coming in at 4.3% in June (May: 4.2%). Meanwhile, core inflation ticked up to 4.7% in June from May’s 4.6%. Lastly, consumer prices rose 0.88% from the previous month in June, accelerating from the 0.21% increase logged in May. June's figure was the highest reading since May 2023.
Outlook: Our panelists expect inflation to return to the tolerance band in H2 amid global lower energy prices.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Serbian inflation projections for the next ten years from a panel of 22 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Serbian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Serbian inflation projections.
Want to get access to the full dataset of Serbian inflation forecasts? Send an email to info@focus-economics.com.
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