inflation risk

Energy and utilities drive Serbia’s inflation risks as annual rate stays near 3%

Serbia’s inflation risk has shifted from broad price pressure toward energy, utilities, fuel and selected services. Annual inflation was 2.8% in March 2026, staying below the central point of the National Bank of Serbia’s target band. The underlying risk has not disappeared, but its focus has changed. Monthly inflation was 0.5% in both February and March, according to the MAT analysis. Annual inflation increased from 2.5% to 2.8% over the same period. The rise reflected non-core inflation rather than a…