Inflation Mongolia 2024
Average inflation: 6.8%
Current Inflation
Inflation is very high at 6.8%, far above the ECB target.
Peak and Trough
The highest inflation was in December at 9.0%. The lowest inflation was in June at 5.1%.
- Highest month
- December: 9.0%
- Lowest month
- June: 5.1%
- Difference
- 3.9 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Energy with an average of 8.7%. The lowest price increase was in Food with an average of 8.0%.
- Highest increase
- Energy: 8.7%
- Lowest increase
- Food: 8.0%
Historical Context
Current inflation is 1.9% lower than the 5-year average of 8.7%.
- 5-year average
- 8.7%
- 10-year average
- 6.8%
- All-time high (2008)
- 28%
- All-time low (2016)
- 0.7%
Trend
Inflation shows a downward trend. Compared to 2023, inflation has fallen by +3.6 percentage point.
- Change vs. previous year
- -3.6 percentage points
- Largest monthly swing
- May: -5.6 percentage points
ECB Target
Inflation is 4.8% 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 €106.80 next year at this inflation rate.
Multi-year trend
Monthly figures 2024
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| January | 7.6% | -4.7 |
| February | 7.0% | -5.2 |
| March | 7.0% | -5.2 |
| April | 6.4% | -4.9 |
| May | 5.7% | -5.6 |
| June | 5.1% | -5.5 |
| July | 5.5% | -3.7 |
| August | 6.5% | -3.5 |
| September | 6.7% | -3.4 |
| October | 7.0% | -2.0 |
| November | 8.1% | -0.5 |
| December | 9.0% | +1.1 |
| Average | 6.8% |
Data source
Data from WorldBank. Last updated: 06/01/2026.