FX.co ★ Serbia Inflation Rate Lowest Since 2021

In December 2025, Serbia's annual inflation rate experienced a slight decline, settling at 2.7%, down from November's rate of 2.8%. This represented the most modest rate of inflation since March 2021. The primary driver of this decrease was continued deflation in the sector of food and non-alcoholic beverages, which further dropped by 0.9% following a prior reduction of 0.7% in November. There was also a deceleration in inflation for categories such as clothing and footwear, which saw a 2.2% increase compared to 2.9% previously, as well as for furnishings, household equipment and maintenance (0.3% compared to 0.7%), and transportation (1.9% compared to 2.6%). Conversely, there was a more rapid increase in prices for alcoholic beverages, tobacco, and narcotics, which surged by 6.4% from 4.9%, along with recreational and cultural services climbing to 2.7% from 2.4%. On a month-to-month basis, consumer prices inched up slightly by 0.1% in December, following a 0.2% increase observed in the previous period.