Erste expects Serbia's CPI to start rising from Sept

"CPI prints should again start to pick gradually from September due to steady demand-pull pressures," Erste analysts said last week in a comment on Serbia's most recent CPI data.

Serbia's average consumer prices rose by 1.3% year-on-year in August, after growing by 1.6% in July, official statistics show. On a monthly comparison basis, Serbia's consumer price index (CPI) remained unchanged in August, after decreasing by 0.2% in July, according to figures published on the website of the national statistical office.

"Uncertainties are still mostly related to the external environment and the associated developments in the commodity markets. That said, we expect FY19 inflation to average around 2.2%," Erste said.

Serbia's average annual consumer price inflation slowed to 2.0% last year from 3.0% in 2017.