Serbia’s annual inflation rate rose to 2.8% in March 2026 from 2.5% in February, coming in just below market forecasts of 2.9%. This was the fastest pace of inflation in four months, driven largely by a slower decline in prices for food and non-alcoholic beverages (-1.2% vs -2.3% in February).
At the same time, prices increased more sharply for alcoholic beverages and tobacco (5.9% vs 4.3%), health (7.3% vs 6.3%), information and communication (1.3% vs 1.1%), and recreation and culture (8.6% vs 8.5%). Transportation prices swung back to growth (2.7% vs -0.2%), while the fall in prices for furnishings and household equipment moderated (-0.1% vs -0.3%).
By contrast, price growth eased for insurance and financial services (7.4% vs 7.6%), education (2.0% vs 2.2%), clothing and footwear (1.4% vs 1.5%), and housing utilities (8.9% vs 9.1%).
On a monthly basis, consumer prices rose 0.5% in March, unchanged from the previous month.
