FX.co ★ Serbia Producer Inflation Rises at Fastest Pace Since 2023

Serbia’s producer prices rose by 10.5% year-on-year in September 2026, up from 9.0% in August, reaching their highest level since January 2023. The acceleration was mainly driven by stronger inflation in energy (23.6% vs 19.3% in August), intermediate goods (5.6% vs 5.4%), capital goods (5.4% vs 5.3%), durable consumer goods (13.3% vs 10.1%), and non-durable consumer goods (2.2% vs 1.9%).

By sector, cost pressures intensified in manufacturing, where prices increased by 12.0% compared with 10.3% in the previous month, supported by significant rises in wood and wood products (6.3% vs 4.6%), coke and refined petroleum products (68.8% vs 56.5%), and chemicals and chemical products (15.5% vs 14.8%). Prices also advanced sharply in mining and quarrying (24.1% vs 12.0%), while inflation remained unchanged in water supply, sewerage, waste management, and remediation activities (stable at 5.8%).

By contrast, inflation eased slightly in electricity, gas, steam, and air-conditioning supply (3.8% vs 3.9%). On a monthly basis, producer prices increased by 1.6% in September, decelerating from a 1.9% rise in August.