Inflation Serbia 2023
Average inflation: 12.5%
Current Inflation
Inflation is very high at 12.5%, far above the ECB target.
Peak and Trough
The highest inflation was in March at 16.2%. The lowest inflation was in December at 7.6%.
- Highest month
- March: 16.2%
- Lowest month
- December: 7.6%
- Difference
- 8.6 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 18.5%. The lowest price increase was in Core inflation with an average of 11.7%.
- Highest increase
- Food: 18.5%
- Lowest increase
- Core inflation: 11.7%
Historical Context
Current inflation is 6.1% higher than the 5-year average of 6.4%. This approaches the highest level since records began (12.5% in 2023).
- 5-year average
- 6.4%
- 10-year average
- 4.2%
- All-time high (2023)
- 12.5%
- All-time low (2016)
- 1.1%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by +0.6 percentage point.
- Change vs. previous year
- +0.6 percentage points
- Largest monthly swing
- January: +7.5 percentage points
ECB Target
Inflation is 10.5% 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 €112.50 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 15.8% | +7.5 |
| February | 16.1% | +7.3 |
| March | 16.2% | +7.1 |
| April | 15.2% | +5.6 |
| May | 14.8% | +4.4 |
| June | 13.7% | +1.8 |
| July | 12.5% | -0.3 |
| August | 11.5% | -1.7 |
| September | 10.2% | -3.8 |
| October | 8.5% | -6.5 |
| November | 8.0% | -7.1 |
| December | 7.6% | -7.5 |
| Average | 12.5% |
Data source
Data from WorldBank. Last updated: 06/01/2026.