Serbia’s inflation is expected to remain within the National Bank of Serbia’s target range through September 2026, while economic growth this year is projected at around 3.5%, said Jorgovanka Tabaković, Governor of the National Bank of Serbia, during the presentation of the central bank’s February inflation report.
Speaking in Belgrade, Tabaković said inflation should stay close to the target of 3% ± 1.5 percentage points in the coming months and reach about 4% by the end of the year, reflecting current price trends and monetary conditions. Annual inflation stood at 2.4% in January, while it was 2.7% in December 2025, slightly below the midpoint of the target band. She attributed part of this moderation to government measures limiting retail mark-ups.
The governor also highlighted easing financial conditions, noting that improved access to credit has supported household borrowing. Consumer loans rose by 15.4% year-on-year, with particularly strong demand among lower-income households.
On the broader economic outlook, the central bank expects Serbia’s GDP to grow by about 3.5% in 2026, supported by domestic demand, investment activity, and a stable macroeconomic framework.
Addressing questions from journalists, Tabaković commented on the legal dispute initiated by retail group Delhaize against the Serbian state, describing the move as inappropriate and expressing confidence that Serbia’s institutions will prevail. She stressed that while the central bank does not audit tax compliance, relevant information has been shared with the competent authorities.
Tabaković said the central bank does not expect a significant resurgence of inflation even after existing price-control measures expire, maintaining that price stability remains firmly anchored under current policy settings.
