FX.co ★ Serbia Producer Prices Slip in January

Serbia’s producer prices declined by 0.3% year-on-year in January 2026, reversing a 1.7% increase in December and marking the first episode of producer deflation since May 2025. The downturn was driven mainly by lower prices in manufacturing (-1.3% vs +0.8% in December), particularly in the manufacture of chemicals and chemical products (-1.2% vs +2.5%) and in machinery and equipment n.e.c. (-0.2% vs +1.8%). Overall producer deflation was further reinforced by slower price growth in electricity, gas, steam, and air-conditioning supply (3.9% vs 4.0%) and in water supply, sewerage, waste management, and remediation activities (5.2% vs 21.4%). At the same time, deflation deepened in mining and quarrying (-8.7% vs -6.7%). On a monthly basis, consumer prices fell by 0.2% in January, following a 0.4% decline in the previous month.