Prices of goods and services in Serbia used for personal consumption in August 2022 in relation to the previous month increased by 1.2% on average, the SORS reported.

Consumer prices in August increased by 13.2% compared to the previous year, while in relation to December 2021 increased by 9.8%, on average.

Observed by main groups according to the destination of consumption in August in relation to the previous month, increase of prices was noted in the groups Housing, water, electricity, gas and other fuels (3.9%), Food and non-alcoholic beverages (2.5%), Restaurants and hotels (1.4%), Recreation and culture (1.3%), Furnishings, household equipment and routine household maintenance (1.0%) and in the groups Alcoholic beverages and tobacco, Communication, Health and Education (each by 0.1%).

Decrease of prices was noted in the groups Transport (-2.5%) and Clothing and footwear (-0.6%).

The central bank expects inflation to peak in Q3 this year and strike a downward path thereafter. It should decline more sharply in H2 2023 and retreat within the bounds of the target tolerance band in H1 2024, NBS forecasted in its Inflation report in August.

Source: SORS, Momentum