Short-term inflation expectations of financial sector lowered in January

Short-term and medium-term inflation expectations of the financial sector, according to the results of the January survey by the Ninamedia agency, continued to move within the limits of the National Bank of Serbia’s target (3 ± 1.5%). Short-term inflation expectations were lowered from 3.1% in December to 3% in January, which brought them to the central value of the National Bank of Serbia’s target, for the first time since September 2021, the NBS announced. Expected inflation two years ahead decreased from 3.5% in December to 3.1% in January, with a simultaneous decrease in expected inflation three years ahead from 3.2% to 3%.

According to the results of the February survey by the Bloomberg agency, short-term inflation expectations of the financial sector decreased to 3.7%, from 3.8% in January.

Short-term inflation expectations of business representatives, according to a survey by the Ninamedia agency, remained unchanged from the previous month and amounted to 5%, which is the value they recorded for most of 2025. Medium-term expectations of the business sector for two years ahead decreased from 5% in December to 4% in January, or for three years ahead to 4.7%, with their movement continuing in the interval from 4% to 5% from the end of 2023.

Narodna banka Srbije Beograd

National Bank of Serbia

inflation expectations