Serbia’s industrial import producer prices increased 5.1% year-on-year, accelerating from 3.7% in August as rising energy costs drove a sharp increase in the price of imported industrial goods.
Monthly prices rose 1.3%, compared with a 0.1% increase in August, according to data published by the Statistical Office of the Republic of Serbia. The overall index stood 5.2% above its December 2025 level, while average prices during January–September were 1.2% higher than in the same period of 2025.
Energy and Mining Record the Largest Price Increases
Energy import prices surged 14.9% month-on-month and 34.7% year-on-year, recording the strongest increase among the main industrial import categories.
Mining and quarrying import prices climbed 22.4% compared with August and 42.5% compared with September 2025. Within this category, prices associated with crude oil and natural gas extraction rose 23.7% month-on-month and 42.4% year-on-year. The figures show that energy-related imports accounted for the most pronounced price pressures in Serbia’s industrial import market, while other categories recorded considerably smaller changes.
Manufactured Goods and Industrial Inputs Show Mixed Trends
Prices of imported manufactured goods declined 0.4% month-on-month but remained 2.6% higher year-on-year. Intermediate goods excluding energy became 0.3% more expensive in September and recorded a 4.2% annual increase. Capital goods moved in the opposite direction, with prices falling 2.1% month-on-month and standing just 0.4% above their September 2025 level. Consumer goods also showed limited movement. Imported durable consumer goods prices decreased 0.5% year-on-year, while non-durable consumer goods recorded a marginal 0.1% increase.
Energy Costs Drive Industrial Import Price Pressures
The September data indicate that higher imported energy prices are driving Serbia’s latest industrial import cost increases, rather than a uniform rise across manufactured products, equipment and other industrial inputs. Manufacturers reliant on imported energy remain exposed to fluctuations in procurement costs. Meanwhile, relatively modest price changes for capital goods and other manufactured imports provide a contrasting picture across industrial supply categories. The effect of higher energy prices on manufacturing margins and finished-product prices will depend on procurement contracts, inventory levels and companies’ ability to transfer increased costs to customers.
