Serbia’s import prices for industrial products increased 3.4% year on year in July 2026, with energy accounting for the strongest increase among major product groups, according to final data from the Statistical Office of the Republic of Serbia.
On a monthly basis, imported industrial products became 0.3% more expensive compared with June. During the first seven months of the year, import prices were 0.2% higher than in the same period of 2025, while the increase compared with December 2025 reached 3.8%. Energy prices recorded the largest movement among the main categories, rising 13.7% year on year and 11.9% from December.
Refined petroleum products record strongest increase
The most significant increase within the energy category came from coke and refined petroleum products. Their prices were 25.7% higher than in July 2025 and 31.4% above December 2025. The monthly increase was considerably smaller, at 0.2%, indicating that most of the price increase in this category had already occurred earlier in the year.
Prices related to the extraction of crude oil and natural gas increased 7.3% year on year and were 2% higher than in June. The energy increases made the category the principal contributor to Serbia’s overall import-price growth in July.
Imported industrial inputs become more expensive
Prices of intermediate goods excluding energy increased 3.5% from a year earlier, creating additional cost pressure for Serbian manufacturers that rely on imported raw materials, components and other production inputs. Among individual industrial categories, imported computers, electronic and optical products recorded a 6.3% annual increase. Prices of basic metals rose 5%, while chemicals and chemical products increased 4.8%. Imported capital goods were 2.4% more expensive than in July 2025.
Consumer goods show more limited price movements
Price changes were considerably smaller across consumer-goods categories.
Durable consumer goods were 0.6% cheaper year on year, while prices of non-durable consumer goods increased by only 0.5%. Imported food products became 1.2% more expensive, while beverages recorded a substantially larger increase of 7.5%.
Other categories moved in the opposite direction. Prices of pharmaceutical products declined 2.2%, while leather and leather products were 1.5% cheaper than a year earlier.
Import-price index reflects dinar exchange rates
The July figures indicate that recent growth in Serbia’s import prices has been concentrated mainly in energy, rather than being evenly distributed across the full range of imported products. The impact of higher import costs on domestic production and retail prices can vary depending on exchange rates, inventory levels, business margins and market competition.
The Statistical Office calculates import-price indices in Serbian dinars. Prices reported in foreign currencies are converted using the National Bank of Serbia’s official middle exchange rate, meaning the resulting index incorporates both international price movements and exchange-rate changes. The July data are final and based on a representative sample. The Statistical Office has scheduled publication of the next monthly import-price report for September 10, 2026.
