The annual inflation rate in Serbia slowed to 2.4% in January 2026, compared to market expectations and the prior month’s 2.7%.
This marked the lowest reading since March 2021, with the Statistical Office of the Republic of Serbia starting to use the new International Classification of Individual Consumption by Purpose (COICOP) version 2 (COICOP2018) in the calculation of the Consumer Price Index (CPI) and the internationally comparable Harmonized Index of Consumer Prices (HICP).
Consumer deflation continued for food and non-alcoholic beverages (-1% vs -0.9% in December), and prices slipped for transport (-0.4% vs 1.9%).
Moreover, costs moderated for 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, prices increased at a faster pace for housing and utilities (8.5% vs 7.5%).
On a monthly basis, consumer prices edged up to 0.3% from 0.1% in December 2025, matching market expectations.