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At the same time, the inflation outlook is deteriorating, with projections revised upwards pretty much everywhere in the region.
4.8 Inflation & Monetary Policy - Montenegro
Montenegro’s inflation should slow down to 5.7% in 2024 from 9% in 2023, according to the European Commission. In 2025, the consumer price index (CPI) should cool further, rising by 3.8%. Consumer prices started to rise rapidly in April 2021, with a further jump after the start of the Russian war in Ukraine.
The IMF has a more pessimistic projection that the inflation in 2024 will reach 4.3% from an estimated 8.3% in 2023. The World Bank has a similar projection – for a 4% growth of the CPI in 2024. However, it expects that in 2025 inflation will slow down to 2.8%.
Montenegro's consumer prices rose by an annual 4.8% in November, down from the 6.1% year on year in October, according to the latest available statistics office data.
Prices of restaurants and hotels climbed at the fastest rate in November, by 15.3% y/y, followed by clothing prices (11.9% y/y) and other goods and services (7.3% y/y).
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