Inflation Montenegro 2023
Average inflation: 8.7%
Current Inflation
Inflation is very high at 8.7%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 16.2%. The lowest inflation was in December at 4.3%.
- Highest month
- January: 16.2%
- Lowest month
- December: 4.3%
- Difference
- 11.9 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 11.1%. The lowest price increase was in Energy with an average of -0.3%.
- Highest increase
- Food: 11.1%
- Lowest increase
- Energy: -0.3%
Historical Context
Current inflation is 3.9% higher than the 5-year average of 4.8%.
- 5-year average
- 4.8%
- 10-year average
- 3%
- All-time high (2022)
- 13%
- All-time low (2014)
- -0.7%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -4.3 percentage point.
- Change vs. previous year
- -4.3 percentage points
- Largest monthly swing
- December: -12.9 percentage points
ECB Target
Inflation is 6.7% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €108.70 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 16.2% | +10.5 |
| February | 15.1% | +8.4 |
| March | 10.5% | +0.8 |
| April | 8.6% | -2.6 |
| May | 8.4% | -3.3 |
| June | 7.5% | -6.0 |
| July | 6.9% | -8.0 |
| August | 8.6% | -6.4 |
| September | 7.9% | -8.1 |
| October | 6.1% | -10.7 |
| November | 4.8% | -12.7 |
| December | 4.3% | -12.9 |
| Average | 8.7% |
Data source
Data from WorldBank. Last updated: 06/01/2026.