Inflation Rises 2.6% in February, Driven by Fuel and Food Prices

Inflation in Montenegro increased by 2.6% in February 2024 compared to the same month last year, according to data released by the Statistical Office of Montenegro, known as Monstat. The consumer price index indicates a slight monthly rise of 0.2% when comparing February to January 2024.

The upward trend in inflation was significantly influenced by rising prices in several key sectors. Notably, the costs of fuel and lubricants for motor vehicles saw a marked increase, alongside higher prices for fruits, nuts, refuse collection services, maintenance and repair services, as well as security for residential properties. Additionally, there were noticeable price hikes in vegetables, starchy foods, legumes, restaurants, cafes, coffee, and coffee substitutes, as well as footwear and other types of footwear.

Examining the period from January to February 2024, consumer prices rose by an average of 2.7% compared to the same timeframe the previous year.

Detailed Insights into Price Changes

When reviewing price changes by main product groups, February recorded a rise in transportation costs by 1.5%, while food and non-alcoholic beverages increased by 0.3%. Other areas, such as household goods and routine home maintenance, insurance, financial services, personal care, social protection, and various goods and services, also saw modest increases of 0.1%.

Conversely, certain sectors experienced price declines. The restaurant and accommodation services category saw a decrease of 0.7%, while recreation, sports, and culture dropped by 0.2%. Prices for housing, water, electricity, gas, and other fuels, as well as clothing and footwear, fell by 0.1%.

Overall, the data indicates that while some categories are experiencing significant inflation, others are stabilizing or declining, reflecting a complex economic landscape for consumers in Montenegro. The findings underscore the ongoing fluctuations in the market, highlighting the need for consumers to remain vigilant about price changes in their everyday spending.