FX.co ★ Serbia Inflation Rate Climbs to 15-Month High

In July 2025, Serbia's annual inflation rate climbed to 4.9%, up from 4.6% in June, contrary to the anticipated slight reduction to 4.5%. This marks the highest inflation level since April 2024, primarily fueled by increased costs in food and non-alcoholic beverages, which rose to 8.1% from 7.4% in June, and in housing and utilities, which ticked up to 3.6% from 3.4%. Additionally, there was an acceleration in the price growth for health services, rising to 5.4% from 5%, and for recreation and culture, which edged up to 4.1% from 3.9%. Meanwhile, there was a continued decline in transport costs, which dropped by 1.1%, following a 1.2% decrease in June. Inflation showed signs of easing in other sectors, such as clothing and footwear, which decreased to 4.5% from 4.9%, furnishings, household equipment, and routine maintenance, slightly down to 4.8% from 4.9%, and communication, which fell to 1.3% from 2.1%. On a month-to-month basis, consumer prices rose by 0.6%, surpassing market predictions of a 0.36% increase, yet showing a slowing from a 0.9% rise in June.