Montenegro, Annual inflation hits nearly 17%

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The prices of products and services for personal consumption measured by the consumer price index were by 1.4% higher in October this year compared to September, according to data from the Statistical Office of Montenegro (MONSTAT). In October, compared to the same month last year, consumer prices were by 16.8% higher on average.

“The biggest influence on the monthly inflation rate was the increase in the prices of milk, cheese and eggs, clothes, meat, shoes and other footwear, short-term goods for routine household maintenance, hairdressing and other personal care services, other appliances, items and products for personal care, bread and cereals”, MONSTAT stated.

In October 2022, compared to September 2022, if we observe the main groups of products and services based on the purpose of consumption, growth was recorded in the following groups: Clothes and footwear (7.3%); Other goods and services (3.8%); Education (3.1%); Furniture, household equipment and routine apartment maintenance (2.6%); Food and non-alcoholic beverages (1.8%); Health (1%); Housing, water, electricity, gas and other fuels (0.5%); Alcoholic beverages and tobacco (0.2%); Transportation (0.1%).

Prices have gone down in the following groups: Restaurants and hotels (-4.7%) and Recreation and Culture (-0.3%), local media reports.