National Bank of Serbia publishes survey showing financial-sector inflation expectations stay within the 3 ± 1.5% target

The National Bank of Serbia released the latest results of its Inflation Expectations Survey, indicating that short- and medium-term inflation expectations of the financial sector remained within the central bank’s 3 ± 1.5% target range. One-year-ahead expectations declined to 3.1% in December from 3.4% in November. Medium-term financial-sector expectations increased to 3.5% two years ahead and 3.2% three years ahead, up from 3.0% in November. Separately, a Bloomberg poll in January showed near-term financial-sector expectations easing to 3.8% from 4.0% in December. Among business representatives, one-year-ahead inflation expectations fell to 5.0% in December from 5.8% in November, while medium-term expectations were unchanged at 5.0% and have remained in a 4.0% to 5.0% range since end-2023. The National Bank of Serbia noted it has reported monthly on inflation expectations since May 2015 and publishes the survey report and supporting materials on its website.