Montenegro Inflation Climbs to Highest Level in Over Two Years

Montenegro’s annual inflation rate rose to 5.2% in September 2026, its highest level since April 2024, up from 4.5% in August. Inflation accelerated sharply in transport, reaching 18.5% from 16.9% in the previous month. Price growth also picked up for food (2.6% vs. 1.3%), clothing and footwear (4.1% vs. 2.2%), furnishings (2% vs. 1.6%), health (4.4% vs. 4.1%), recreation, sports and culture (3.5% vs. 3.2%), education (0.1% vs. 0%) and restaurants and hotels (6.6% vs. 6.2%). In contrast, inflation eased for housing and utilities to 1.5% from 1.9%. On a monthly basis, consumer prices rose by 0.5% in September, slowing from a 1.2% increase in August. Meanwhile, the annual harmonized inflation rate climbed to 5.5% from 4.6%, also reaching its highest level since April 2024.

The annual inflation rate in Montenegro rose to 4.5% in August 2026 from 3.8% in the previous month, marking its highest level since October 2025. Prices accelerated in transport (16.9% vs 10.6% in July), restaurants and accommodation services (6.2% vs 5.4%), information and communication (5.7% vs 1.1%), recreation, sport, and culture (3.2% vs 1.4%), and miscellaneous goods and services (2.9% vs 1.9%). In contrast, inflation eased for food and non-alcoholic beverages (1.3% vs 2.2%), alcoholic beverages and tobacco (1.3% vs 2.2%), clothing and footwear (2.2% vs 2.3%), housing and utilities (1.9% vs 2.1%), furnishings, household equipment and routine household maintenance (1.6% vs 3.8%), and health (4.1% vs 4.3%), while inflation remained unchanged for education and insurance and financial services, at 2.7%. On a monthly basis, consumer prices rose 1.2% in August from 0.8% in July. Additionally, the annual harmonized inflation rate climbed to 4.6% from 3.9% in the prior month.

Montenegro’s annual inflation rate rose to 3.8% in July 2026 from 3.6% in June, marking the fastest pace in recent months. Price growth accelerated for food (2.2% vs 2.1%), clothing and footwear (2.3% vs 0.9%), restaurants and hotels (5.4% vs 4.4%), information and communication (1.1% vs 0.7%), alcoholic beverages and tobacco (10.4% vs 5.6%), furnishings (3.8% vs 3.5%) and health (4.3% vs 3.5%). In contrast, inflation eased for housing and utilities (2.1% vs 2.8%), transport (10.6% vs 12.8%) and recreation and culture (1.4% vs 1.8%). On a monthly basis, consumer prices rose 0.8%, accelerating from 0.4% in June. Meanwhile, the harmonised inflation rate increased to 3.9% from 3.6%.