The National Bank of Serbia left its key policy rate unchanged at 5.75% at its October 2026 meeting, maintaining the level in place since September 2024, but stressed that upside risks to inflation require vigilant monitoring. The central bank highlighted that the economic outlook has taken on a more pro‑inflationary tone since the summer, as crude oil and natural gas prices have risen sharply and may spill over into other segments of the Serbian economy.
According to the latest data, annual inflation has accelerated to 2.2%, up from a five‑year low of 1.8% recorded in July. The NBS Executive Board expects headline inflation to climb to around 4% as base effects normalize. At the same time, measures of economic activity were markedly higher year‑on‑year, and private consumption remained robust.
