Serbia’s annual inflation rate slowed to 1.9% in July 2026, down from 2.7% in June, marking the weakest price growth since March 2021. The deceleration reflected more moderate increases in several categories, including clothing and footwear (1.2% vs 1.4% in June), furnishings and household equipment (0.6% vs 0.8%), transportation (7.1% vs 7.7%), education (1.2% vs 1.8%), restaurants and hotels (6.1% vs 6.2%), insurance and financial services (3.9% vs 4.1%), and miscellaneous goods and services (0.7% vs 2.5%).
Meanwhile, prices for food and non-alcoholic beverages fell at a faster pace (-6.1% vs -3.7%). Offsetting these trends to some extent, price growth accelerated in several categories: alcoholic beverages and tobacco (6.5% vs 5.2%), housing and utilities (9.7% vs 9.5%), recreation and culture (10.0% vs 9.7%), information and communication (1.9% vs 1.6%), and health (7.9% vs 7.6%).
On a monthly basis, consumer prices declined by 0.2% in July, reversing the 0.2% increase recorded in the previous month.
