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Raiffeisen Bank predicts inflation of 4.1 percent in Serbia, flags potential new inflationary risks

Economists at Raiffeisen Bank have reaffirmed their forecast that annual inflation in Serbia will reach around 4.1 percent in 2026, while highlighting several emerging risks that could...

Short-term inflation expectations among financial sector drop to target centre in January

Short-term inflation expectations among financial institutions in Serbia eased in January, aligning with the central value of the National Bank of Serbia’s (NBS) inflation...

Serbia’s Central Bank sees inflation staying within target, GDP growth at 3.5%

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...

EBRD extends investment footprint as Serbia draws over €800 million in 2025

The scale and composition of international institutional capital flowing into Serbia during 2025 offer a revealing lens into how the country is currently perceived...

Serbia’s Central Bank signals scope for rate cuts in late 2026

The monetary policy stance of the National Bank of Serbia has entered a prolonged phase of deliberate inertia that, by early 2026, is increasingly interpreted by...

Why Serbia’s economy is becoming easier to finance, not faster to grow

The defining characteristic of Serbia’s economic outlook in 2026 is not acceleration but financeability. Growth is expected to approach 3.5%, yet the more important...

NBS outlook points to a balanced growth model with moderate inflation pressures

From the perspective of international investors and banking institutions, the most consequential message embedded in the National Bank of Serbia’s outlook is not the...

Serbia’s inflation expectations 2026–2028: Expanded macroeconomic context, CPI trends, policy interaction and forward guidance

Serbia’s economy entered 2026 with inflation expectations that have been drifting safely toward the National Bank of Serbia’s (NBS) target but still carry structural...

Inflation in Serbia is easing on weak demand, not healthy growth — price, wage and policy scenarios for 2026

Inflation in Serbia is moderating, but the underlying drivers matter far more than the headline number. The current disinflation trend is not being powered by productivity...

Serbia’s inflation expectations and credit cycle 2026–2028: From a 3.8% anchor to real-rate and lending scenarios

Serbia’s short-term inflation expectations, currently assessed at 3.8% by the financial sector, provide a useful anchor for translating macro signals into a forward-looking framework...

Why falling inflation does not mean Serbia’s competitiveness is improving

By late 2025, Serbia appeared to have achieved something many European economies struggled with: inflation eased without tipping the economy into recession. Consumer price...

The hidden 2026 risk: Productivity stagnation under a green constraint

Serbia’s economic debate entering 2026 is dominated by visible variables: GDP growth, inflation, exports and energy prices. Productivity, by contrast, remains largely invisible—until it...

Inflation in Serbia is easing on weak demand, not healthy growth — price, wage and policy scenarios for 2026

Inflation in Serbia is moderating, but the underlying drivers matter far more than the headline number. The current disinflation trend is not being powered by productivity...

Serbia ends 2025 with inflation at 2.7 percent, confirming price stabilization

Serbia concluded 2025 with headline inflation at 2.7 percent and an annual average of 3.8 percent, marking a significant stabilization after the volatility of previous years. The...
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