Inflation Mongolia 2023
Average inflation: 10.4%
Current Inflation
Inflation is very high at 10.4%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 12.3%. The lowest inflation was in December at 7.9%.
- Highest month
- January: 12.3%
- Lowest month
- December: 7.9%
- Difference
- 4.4 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 15.8%. The lowest price increase was in Energy with an average of 7.4%.
- Highest increase
- Food: 15.8%
- Lowest increase
- Energy: 7.4%
Historical Context
Current inflation is 1.6% higher than the 5-year average of 8.8%.
- 5-year average
- 8.8%
- 10-year average
- 7.4%
- All-time high (2008)
- 28%
- All-time low (2016)
- 0.7%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -4.8 percentage point.
- Change vs. previous year
- -4.8 percentage points
- Largest monthly swing
- July: -7.2 percentage points
ECB Target
Inflation is 8.4% 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 €110.40 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 | 12.3% | -2.8 |
| February | 12.2% | -3.1 |
| March | 12.2% | -3.5 |
| April | 11.3% | -4.5 |
| May | 11.3% | -4.9 |
| June | 10.6% | -6.3 |
| July | 9.2% | -7.2 |
| August | 10.0% | -4.4 |
| September | 10.1% | -3.7 |
| October | 9.0% | -5.5 |
| November | 8.6% | -5.9 |
| December | 7.9% | -5.3 |
| Average | 10.4% |
Data source
Data from WorldBank. Last updated: 06/01/2026.