Serbia’s annual inflation slows by 1.7 pp to 8.5% in October

Serbia’s annual inflation slows by 1.7 pp to 8.5% in October
/ bne IntelliNews
By bne IntelliNews November 13, 2023

Serbia’s average annual inflation slowed to 8.5% in October from 10.2% in the previous month (chart), the country’s statistics office data indicated on November 13.

Consumer prices in October 2023 increased by 7% on average in relation to December 2022.

The largest price increases were observed in the groups of furnishing and household equipment, which grew by 12.7%, followed by the group of hotels and restaurants, up by 11.5%.

The sector of housing, water, electricity, energy, gas and other fuels experienced an increase of 10.7%, while prices of food and non-alcoholic beverages went up by 10.5%.

Month-on-month inflation edged up by 0.3% in October, after increasing by the same margin in the previous month.

Education-sector prices went up the most on a monthly level, by 2.9%, followed by the sector of clothes and footwear, up by 1.7% m/m.

Looking at the first 10 months of the year, Serbia recorded an average inflation rate of 13.4%.

The country’s central bank recently said its forecasts suggest a further reduction in global inflationary pressures throughout 2024, which is anticipated to contribute to a decrease in domestic inflation rates.