Inflation Serbia 2022
Average inflation: 11.9%
Current Inflation
Inflation is very high at 11.9%, far above the ECB target.
Peak and Trough
The highest inflation was in November at 15.1%. The lowest inflation was in January at 8.3%.
- Highest month
- November: 15.1%
- Lowest month
- January: 8.3%
- Difference
- 6.8 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 18.7%. The lowest price increase was in Core inflation with an average of 10.0%.
- Highest increase
- Food: 18.7%
- Lowest increase
- Core inflation: 10.0%
Historical Context
Current inflation is 7.6% higher than the 5-year average of 4.3%. This approaches the highest level since records began (12.5% in 2008).
- 5-year average
- 4.3%
- 10-year average
- 3.7%
- All-time high (2008)
- 12.5%
- All-time low (2016)
- 1.1%
Trend
Inflation shows an upward trend. Compared to 2021, inflation has risen by +7.8 percentage point.
- Change vs. previous year
- +7.8 percentage points
- Largest monthly swing
- July: +9.5 percentage points
ECB Target
Inflation is 9.9% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €111.90 next year at this inflation rate.
Multi-year trend
Monthly figures 2022
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2021 |
|---|---|---|
| January | 8.3% | +7.1 |
| February | 8.8% | +7.6 |
| March | 9.1% | +7.3 |
| April | 9.6% | +6.8 |
| May | 10.4% | +6.8 |
| June | 11.9% | +8.6 |
| July | 12.8% | +9.5 |
| August | 13.2% | +8.9 |
| September | 14.0% | +8.3 |
| October | 15.0% | +8.4 |
| November | 15.1% | +7.6 |
| December | 15.1% | +7.2 |
| Average | 11.9% |
Data source
Data from WorldBank. Last updated: 06/01/2026.