Serbia’s annual inflation rate inched up to 2.5% in February 2026 from 2.4% in January, which had been the lowest level since March 2021. The Statistical Office of the Republic of Serbia implemented changes to the consumer price index (CPI) methodology, including the adoption of the COICOP classification.
Consumer prices continued to fall for food and non-alcoholic beverages (-2.3% vs. -1.0% in January), while transport prices also declined (-0.2% vs. -0.4%). At the same time, inflation slowed for alcoholic beverages, tobacco, and narcotics (4.3% vs. 6.3%) and remained unchanged in the communication category (1.1% vs. 1.1%).
Conversely, price pressures intensified in health (6.3% vs. 5.7%) and in housing and utilities (9.1% vs. 8.5%). On a monthly basis, the CPI increased by 0.5% in February.
