FX.co ★ Serbia’s Annual Inflation Inches Up to 3.5% in May, Extending Gradual Price Pressures

Serbia’s consumer price inflation ticked higher in May 2026, with the year-over-year Consumer Price Index (CPI) reading rising to 3.50%, up from 3.30% in April 2026. The latest figures, updated on 12 June 2026, indicate a modest acceleration in price growth as measured against the same month a year earlier.

Both the April and May readings are calculated on a year-over-year basis, comparing each month’s price level with its level in the corresponding month of the previous year. The move from 3.30% to 3.50% suggests that inflationary pressures in Serbia remain present but contained, with price growth edging higher rather than stabilizing or easing.

Market participants and policymakers will be watching upcoming releases closely to determine whether May’s uptick marks the start of a more sustained acceleration in consumer prices, or simply a mild fluctuation within a relatively moderate inflation environment.