Serbia’s consumer-price growth remained moderate during the first half of 2026, although electricity, utilities and several regulated services accounted for a significant share of inflationary pressure. Average inflation reached 2.9% in January-June, while the second-quarter average stood at 3.2% year on year.
Electricity and fuel among largest contributors
Electricity accounted for 17% of the contribution to first-half inflation, making it the largest individual contributor among the listed categories. Motor fuels contributed 10.3%, followed by tobacco at 9.3%, medicines at 7.9% and water supply at 7.7%. Energy price growth accelerated from 4% in the first quarter to 6.8% in the second quarter. The increase was partly linked to the electricity price adjustment introduced in October 2025, which continued to affect annual comparisons.
Water and housing services record higher price growth
Prices for water supply and related housing services increased 15.4% year on year, while water-supply prices alone rose 20.3%. The price increases were concentrated in electricity, utilities, cand services, with these categories accounting for a substantial part of the overall movement in consumer prices during the first half of the year.
