raiffeisen bank

Serbia Inflation Falls Below 2%, but Core Pressures Keep NBS Rates High

Serbia’s headline inflation has fallen sharply over the summer, while stronger-than-expected economic activity has prompted Raiffeisen Bank to raise its 2026 growth forecast. The combination of lower consumer-price growth and resilient domestic demand, however, is not yet sufficient to trigger an early monetary easing cycle. Raiffeisen now expects 2026 GDP growth of 3.3%, up from its previous forecast of 2.8%, while its year-end inflation projection has been reduced to 5.1% from 5.7%. The bank expects the National Bank of Serbia…