19.02.202611:16:10UTC+00Serbia Inflation Rate Hits Near 5-Year Low

Serbia’s annual inflation rate eased to 2.4% in January 2026, down from 2.7% in December and below market expectations. This was the lowest level since March 2021 and coincided with the Statistical Office of the Republic of Serbia’s adoption of the new International Classification of Individual Consumption by Purpose (COICOP) version 2 (COICOP 2018) for calculating both the Consumer Price Index (CPI) and the internationally comparable Harmonized Index of Consumer Prices (HICP).

Consumer deflation deepened in the category of food and non-alcoholic beverages (-1.0% vs. -0.9% in December), while prices also fell for transport (-0.4% vs. +1.9%). Meanwhile, price growth slowed in information and communication (1.1% vs. 2.3%), health (5.7% vs. 5.9%), and alcoholic beverages, tobacco, and narcotics (6.3% vs. 6.4%). In contrast, housing and utilities prices accelerated, rising by 8.5% compared with 7.5% in the previous month.

On a monthly basis, consumer prices increased by 0.3% in January, up from 0.1% in December 2025 and in line with market expectations.