According to final data from Eurostat, under the Purchasing Power Parity (PPP) project, the price level of consumer goods and services in Montenegro last year was 64% of the average in the European Union. Specifically, food and non-alcoholic beverage prices in Montenegro stood at 87% of the EU average.
Monstat highlighted significant variations in consumer goods and services prices across EU member states in 2023.
- Denmark reported the highest price level at 143% of the EU average, followed by Ireland at 142%, Luxembourg at 135%, Finland at 125%, and the Netherlands at 118%. The lowest price levels were recorded in Hungary at 76%, Poland at 66%, and Romania and Bulgaria at 60%.
Among the regional countries, Croatia had the highest price level for consumer goods and services at 76% of the EU average. Serbia and Albania recorded price levels of 68% and 66% of the EU average, respectively. The price levels in Bosnia and Herzegovina and North Macedonia were 58% and 52% of the EU average, respectively.
Switzerland emerged as the most expensive country for “food and non-alcoholic beverages,” “clothing,” and “restaurants and hotels.” The highest prices for “audio-visual equipment and data processing equipment” and “alcoholic beverages and tobacco” were found in Iceland. According to the research, motor vehicles were most expensive in Turkey.
- Turkey had the lowest price index for “food and non-alcoholic beverages,” “clothing,” and “audio-visual equipment and data processing equipment.” The cheapest “alcoholic beverages and tobacco,” “motor vehicles,” and “restaurants and hotels” were found in North Macedonia.
For the “clothing” category, Montenegro’s price level index was 99, slightly below the EU average. Serbia had a higher index at 102, while North Macedonia (78), Turkey (30), and some EU member states, including Hungary (88), Bulgaria (82), and Spain (81), had lower indexes.
- The prices of “food and non-alcoholic beverages” in Montenegro, at 87% of the EU average, were higher than in Bosnia and Herzegovina (85%) and North Macedonia (68%), but lower compared to Croatia (102%), Serbia (96%), and Albania (91%).
In Montenegro, the price level index for “audio-visual equipment and data processing equipment” was 106, above the EU average. For “motor vehicles,” the price level index was 92.
The lowest prices for “restaurants and hotels” in the region were recorded in North Macedonia and Albania, at 47% and 49% of the EU average, respectively. In Montenegro, this price level was 63%.
Monstat noted that the data in this report were calculated by Eurostat and the OECD, based on research conducted in collaboration with national statistical institutions as part of the Purchasing Power Parity (PPP) project.
- Six surveys are conducted in total, each focusing on a specific group of products and services. The complete research cycle spans three years, with two surveys conducted annually. The price level indexes presented in this report are based on average annual prices collected for approximately 2,000 comparable products and services, enabling countries to gather prices for a sufficient number of representative products.
