Montenegro’s Inflation Rate Slows to 17-Month Low

August 15, 2023

Prices of goods and services for personal consumption, measured by consumer price index, in July 2023, as compared to June 2023, increased by 1.0% on average. Consumer prices in July 2023, as compared to July 2022, increased by 6.9% on average. This was influenced mostly by increase in prices of: accommodation services; milk, cheese and eggs; meat; restaurants, cafes and the like; tobacco; fuels and lubricants for personal transport equipment; other appliances, articles and products for personal care; solid fuels. Consumer prices in period January-July 2023 compared to the same period of previous year, were higher for 10.3% in average.

Observing the main groups by purpose of consumption, in July 2023 as compared to June 2023, monthly increase of prices was noticed in the following groups: Restaurants and hotels (8.0%); Alcoholic beverages and tobacco (2.6%); Health (2.0%); Miscellaneous goods and services (1.9%); Food and non-alcoholic beverages (1.2%); Transport (1.2%); Furnishing, household equipment and routine household maintenance (1.0%); Housing, water, electricity, gas and other fuels (0.7%), while decrease of prices was recorded in the following groups: Clothing and footwear (-5.1%); Recreation and culture (-0.1%). Prices of other products and services mostly remained unchanged

Source: Statistical Office of Montenegro
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