In December 2025, Serbia experienced a year-over-year increase of 1.7% in producer prices, marking a decrease from the ten-month peak of 2.1% seen in the prior month. The decline was largely influenced by ongoing deflation in the mining and quarrying industries, which saw a further decrease of 6.7%, following a 5.8% decline in November. Meanwhile, inflation among producers in the manufacturing sector decelerated to 0.8% from 1.3%, primarily due to reduced costs associated with the production of coke, refined petroleum products, and other transport equipment. Conversely, prices for services such as water supply, sewerage, waste management, and remediation activities continued their sharp ascent, rising to 21.4% compared to 21.2% previously, while the growth rate for electricity, gas, steam, and air conditioning supply remained constant at 4%. On a month-to-month basis, producer prices fell by 0.4% in December, marking the first decline in four months and reversing the 0.7% increase observed in the previous period.