Serbia's industrial import prices saw a significant increase in September 2026, primarily due to rising energy costs.
- Imported industrial prices rose 5.1% year-on-year in September 2026.
- Energy costs contributed to a 14.9% monthly increase in import prices.
- Mining and quarrying import prices surged by 22.4% month-on-month.
Serbia’s producer prices for imported industrial goods increased by 5.1% year-on-year in September 2026, up from 3.7% in August, as energy costs pushed overall import bills higher, the Statistical Office of the Republic of Serbia said on October 9.
On a monthly basis, imported industrial prices rose 1.3%, compared with a 0.1% increase in August. The sharpest movement came from energy, where import prices jumped 14.9% from August and 34.7% from September 2025.
Energy led the increase
The data show that the strongest pressure came from sectors linked to energy and raw materials. Import prices in mining and quarrying rose 22.4% month-on-month and 42.5% year-on-year. Within that category, crude oil and natural gas extraction was up 23.7% on the month and 42.4% compared with a year earlier.
By contrast, prices of imported manufactured goods fell 0.4% month-on-month, although they were still 2.6% higher than in September 2025. Capital goods prices dropped 2.1% from August and were only 0.4% above their level a year earlier.
Mixed picture across other categories
Intermediate goods excluding energy became 0.3% more expensive in September and 4.2% more expensive year-on-year. Imported durable consumer goods were 0.5% cheaper than a year earlier, while non-durable consumer goods recorded a marginal 0.1% increase.
Overall industrial import producer prices stood 5.2% above their December 2025 level. For January to September, the average increase was 1.2% compared with the same period of 2025.
For Serbian manufacturers that rely on imported energy or raw materials, the September figures point to renewed cost pressure. Stable prices for capital goods and some manufactured inputs may ease the impact, but the eventual effect on factory margins and consumer prices will depend on inventories, supply contracts and how much of the increase companies can pass on to buyers.
For broader business context in Serbia, see our latest news updates.
Frequently asked questions
What caused the rise in Serbia's import prices?
The rise was primarily driven by increasing energy costs, which significantly impacted overall import bills.
How much did energy prices increase?
Energy import prices jumped 14.9% from August and 34.7% from September 2025.
What is the impact on manufactured goods?
Prices of imported manufactured goods fell 0.4% month-on-month but were still 2.6% higher than in September 2025.
