Annual inflation rate in Mongolia climbed to 8.1 percent in November of 2018 from 6.3 percent in the prior month. It is the highest inflation rate since April 2015. Prices rose faster mainly for food & non-alcoholic beverages (7.6 percent vs 5.4 percent in October), namely milk, dairy products and eggs (9.8 percent); clothing & footwear (4.9 percent vs 3.5 percent); housing & utilities (16 percent vs 11 percent) and transport (11 percent vs 8.3 percent). Additional upward pressure came from cost of furnishings (5.7 percent vs 5.5 percent); recreation & culture (10.8 percent vs 9.9 percent) and restaurants & hotels (7.2 percent vs 3.8 percent). On the other hand, inflation slowed for miscellaneous goods & services (4.1 percent vs 4.6 percent) and remained steady for education (5.7 percent) and alcoholic beverages & tobacco (8.1 percent). On a monthly basis, consumer prices went up 1.8 percent, following a 1.0 percent increase in October. Inflation Rate in Mongolia averaged 10.11 percent from 2007 until 2018, reaching an all time high of 34.20 percent in August of 2008 and a record low of -0.20 percent in August of 2016.
Inflation Rate in Mongolia is expected to be 8.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Mongolia to stand at 7.50 in 12 months time. In the long-term, the Mongolia Inflation Rate is projected to trend around 6.00 percent in 2020, according to our econometric models.