The annual inflation rate in Serbia slowed to 2.9% in September 2025 from 4.7% in the previous month, well below market forecasts of 4.65%.
The latest figure marked the lowest reading since April 2021, mainly driven by softer price increases for food and non-alcoholic beverages (1.7% vs 7.8% in August), furnishings, household equipment and maintenance (2.7% vs 4.6%), and restaurants and hotels (6.6% vs 7.5%).
Costs also moderated for recreation and culture (3.4% vs 3.7%) and education (4% vs 4.3%).
On the other hand, inflation accelerated for housing and utilities (3.2% vs 3%) and transport (2.2% vs 0.1%).
On a monthly basis, consumer prices dropped by 1.6% in September, marking the first decline in over two years, reversing a 0.2% gain in the preceding period.