Serbia’s producer prices rose by 1.7% year-on-year in December 2025, easing from a ten-month high of 2.1% increase in the previous month. Main downward pressure came from an ongoing deflation in mining and quarrying, which dropped by 6.7%, slipping further from a 5.8% fall in November. At the same time, producer inflation slowed in the manufacturing sector (0.8% vs 1.3%), mainly driven by lower costs for the manufacture of coke and refined petroleum products and other transport equipment. On the other hand, prices continued to rise sharply for water supply; sewerage, waste management & remediation activities (21.4% vs 21.2%), while growth remained steady for electricity, gas, steam and air condition supply (at 4%). On a monthly basis, producer prices declined by 0.4% in December, the first drop in four months and reversing a 0.7% gain in the preceding period.