Inflation Serbia 2021
Average inflation: 4.1%
Current Inflation
Inflation is high at 4.1%, well above the ECB target.
Peak and Trough
The highest inflation was in December at 7.9%. The lowest inflation was in January at 1.2%.
- Highest month
- December: 7.9%
- Lowest month
- January: 1.2%
- Difference
- 6.7 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Energy with an average of 5.2%. The lowest price increase was in Core inflation with an average of 2.9%.
- Highest increase
- Energy: 5.2%
- Lowest increase
- Core inflation: 2.9%
Historical Context
Current inflation is 1.6% higher than the 5-year average of 2.5%.
- 5-year average
- 2.5%
- 10-year average
- 3.2%
- All-time high (2008)
- 12.5%
- All-time low (2016)
- 1.1%
Trend
Inflation shows an upward trend. Compared to 2020, inflation has risen by +2.5 percentage point.
- Change vs. previous year
- +2.5 percentage points
- Largest monthly swing
- December: +6.6 percentage points
ECB Target
Inflation is 2.1% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €104.10 next year at this inflation rate.
Multi-year trend
Monthly figures 2021
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2020 |
|---|---|---|
| January | 1.2% | -0.8 |
| February | 1.2% | -0.7 |
| March | 1.8% | +0.4 |
| April | 2.8% | +2.1 |
| May | 3.6% | +2.9 |
| June | 3.3% | +1.7 |
| July | 3.3% | +1.3 |
| August | 4.3% | +2.4 |
| September | 5.7% | +3.8 |
| October | 6.6% | +4.8 |
| November | 7.5% | +5.8 |
| December | 7.9% | +6.6 |
| Average | 4.1% |
Data source
Data from WorldBank. Last updated: 06/01/2026.