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Serbia: Inflation rises above target in June
Latest reading: Inflation came in at 4.6% in June, up from May’s 3.8%. June’s reading was the first above the Central Bank’s 1.5–4.5% tolerance band since January. Looking at the details of the release, food inflation hit its highest level since December 2023. Moreover, housing and utilities prices rose at a quicker pace in June compared to the previous month.
The trend pointed up mildly, with annual average inflation coming in at 4.3% in June (May: 4.2%). Meanwhile, core inflation ticked up to 4.7% in June from May’s 4.6%.
Lastly, consumer prices rose 0.88% from the previous month in June, accelerating from the 0.21% increase logged in May. June’s figure was the highest reading since May 2023.
Outlook: Our panelists expect inflation to return to the tolerance band in H2 amid global lower energy prices.
