Serbia Inflation Slows More than Expected

The annual inflation rate in Serbia fell to 4.7% in August 2025, from July’s fifteen-month high of 4.9%, slightly below market forecasts of 4.8%. Price growth moderated mainly for food and non-alcoholic beverages (7.8% vs 8.1% in July), housing and utilities (3.0% vs 3.6%), alcoholic beverages, tobacco and narcotics (4.7% vs 6.5%), clothing and footwear (3.9% vs 4.5%), and recreation and culture (3.7% vs 4.1%). On the other hand, transport costs edged up 0.1%, rebounding from a 1.1% drop in the previous month. Additionally, prices for miscellaneous goods and services increased (5.2% vs 4.5%). On a monthly basis, consumer prices rose by 0.2%, coming in below market expectations of a 0.45% increase and slowing from a 0.6% growth in July.