The NBS Head Office Building was built from 1888 – 1890, on the basis of blueprints designed by Konstantin Jovanovic (Vienna 1849 – Zurich 1923), son to distinguished artist Anastas Jovanovic...
12/01/2026
According to the final SORS data, y-o-y inflation slowed down slightly in December relative to November, measuring 2.7%.
SORS estimated that average annual inflation in 2025 measured 3.8%.
Looking at the monthly outturn, consumer prices rose 0.1% based on the 0.4% increase in prices within core inflation (CPI excluding food, energy, alcohol and cigarettes) and cigarette price adjustments (2.4%), whereas lower prices of food and non-alcoholic beverages (-0.5%) and petroleum products (-1.1%) worked in the opposite direction.
For the fourth month in a row, the prices of food and non-alcoholic beverages recorded a m-o-m decline as the prices of fruit, fresh meat and processed food continued to cheapen, while vegetable prices rose as usual for the season. Relative to December last year, food and non-alcoholic beverage prices receded by 0.9% on average.
Energy prices edged down 0.1% m-o-m due to the lower prices of petroleum products. Y-o-y, energy price increase measured 4.5% in December.
M-o-m growth in core inflation was equally driven by products and services. Y-o-y, core inflation slightly receded relative to November, to 4.0%.
Inflation is expected to remain stable in the coming months, around the midpoint of the NBS target tolerance band (3±1.5%).
Governer's Office
