The National Bank of Serbia kept its benchmark rate at 5.75% in October, marking the 13th consecutive meeting without a change. Deposit and lending facility rates remained at 4.5% and 7.0%, respectively. Headline inflation was 4.7% in August, driven by higher food prices caused by adverse weather, with a government cap on wholesale and retail margins helping ease year-on-year inflation in September toward the target range. Inflation is expected to remain within 3±1.5% over the next year, though energy costs face upside risks from geopolitical tensions. GDP grew an average 2% year-on-year in H1 2025, with growth expected to accelerate in H2, supported by automotive output, exports, and infrastructure projects like the "Leap to the Future – Serbia Expo 2027." The National Bank of Serbia signaled a cautious but steady approach, balancing inflation control, economic growth, and financial stability, while remaining attentive to international developments and central bank policies abroad.