The annual inflation rate in Montenegro in July was 4,7 percent, or by that much higher are the prices in the basket of goods and services compared to the same month last year, and it has been growing almost constantly since the beginning of the year. The inflation rate is almost twice as high as in EU countries, and for some groups of products and services, prices in Montenegro have growth rates eight times higher.
These are Monstat data measured by the Harmonized Index of Consumer Prices (HICP), which is fully comparable to the method of calculating inflation in Europe according to the Eurostat methodology.
According to the same methodology, the average annual inflation rate in the 27 member states of the European Union is 2,4 percent, while inflation in the euro zone, the countries that use the euro as their currency, was XNUMX percent. These Eurostat statistics also include European countries from the Schengen zone that are not EU members, such as Switzerland, Norway and Iceland.
Of these 30 countries, only two have inflation rates higher than in Montenegro - these are Romania with 6,6 percent and Estonia with 5,6 percent.
The lowest annual inflation rates in July were recorded in Cyprus and Switzerland with 0,1 percent each, followed by France with 0,9 percent, Ireland with 1,6 percent, Italy with 1,7 percent, Germany with 1,8 percent, Finland with 1,9 percent,...
Since the beginning of the year, annual inflation rates in Montenegro have ranged from 3,2 to 4,7 percent per month, while the average in EU member states is 2,2 to 2,8 percent, and in eurozone members it is 1,9 to 2,3 percent. In other words, inflation rates in all months were significantly lower than in Montenegro.
Medicines in Montenegro increased in price by 14,5 percent, and in the EU by 2,1 percent
Prices of products and services from the healthcare group (medicines, medical devices, examinations, health services...) in Montenegro increased by 12,8 percent in July, while according to the same methodology, the same products and services in EU member states increased by 2,8 percent and in countries using the euro by 2,4 percent.
No EU member state had even a close price increase, and the closest were Estonia with 10,6 percent and Finland with 6,9 percent. Bulgaria had a negative rate, a drop in prices in the health sector by 7,7 percent. Low price growth rates in this area were recorded in Switzerland with 0,1 percent, France with 0,2 percent, Luxembourg with 0,9 percent, Cyprus with 1,4 percent, Slovakia with 1,8 percent, Greece and Spain with two percent each, Denmark with 2,3 percent, Sweden with 2,6 percent,...
Pharmaceutical products themselves, as part of the healthcare group, experienced an annual price increase of 14,5 percent in Montenegro in July. Medicines rose in price by 2,1 percent in EU member states in the same period, and by 1,6 percent in eurozone members. They rose in price in Montenegro at almost three times the rate of increase in the EU member state with the highest price increase - Italy with 5,9 percent.
Six countries saw a drop in pharmaceutical prices: Slovakia by 1,8 percent, France by 1,5 percent, Switzerland by 1,2 percent, Spain by 0,3 percent, and Iceland by 0,1 percent. Other countries saw a symbolic increase in drug prices - the Czech Republic by 0,1 percent, Belgium by 0,4 percent, Luxembourg by 0,7 percent, Finland by 0,9 percent, Germany by 1,4 percent,...
Rents up 21,4 percent, up 3,1 percent in the EU
The service, which is called "actual rents paid by tenants for their primary residence" in both Montenegrin and Eurostat statistics, and which refers to the rent for the residential space in which the tenant lives, increased in Montenegro by 21,4 percent in July, compared to the same month last year. In the European Union, rents increased by 3,1 percent in the same period, and by 2,9 percent in the member states that use the euro as their currency.
Of the 30 European countries, rents rose the most in Greece, by 11,3 percent, and Iceland, by 10,5 percent, while the rest saw single-digit increases. Rents rose the least in Finland, by 0,8 percent, Malta, by 1,4 percent, Luxembourg, by 1,5 percent, Croatia, by 2,1 percent, Germany, by 2,2 percent, Denmark, and France, by 2,5 percent each, and Switzerland, by XNUMX percent.
Prices of services for maintenance and repair of apartments in Montenegro increased by 16,3 percent in a year, while according to the same methodology, these services are on average 1,9 percent higher in EU member states, and 1,7 percent higher in the euro zone.
The closest to the growth that Montenegro experienced was Belgium, with a price increase of 9,7 percent, while in the other 29 European countries this service became cheaper or the price increase was symbolic. Craftsmanship services in apartments became cheaper in Hungary by 2,5 percent, Slovenia by 1,8 percent, the Czech Republic by 1,1 percent, France and Norway by 0,3 percent,...
Food prices also saw a significantly higher increase
The increase in prices of food and non-alcoholic beverages in Montenegro in July, compared to the same month last year, amounted to 5,2 percent, while at the EU level this growth was 3,9 percent, and in the member states that use the euro 3,2 percent.
Two countries saw rates fall in July, with food prices falling by 0,9 percent in Switzerland and two percent in Cyprus. Switzerland has had negative inflation rates every month since the beginning of the year.
Lower food price growth rates than Montenegro were also recorded in France with 1,8 percent, Germany, Spain and Luxembourg with 2,7 percent each, Belgium with 2,9 percent, Finland with 3,1 percent,... The highest food price growth in July was recorded in Estonia with 9,2 percent, Romania with 8,1 percent, Slovenia with 7,9 percent, Bulgaria with 7,9 percent,...
Of the packaged food products, fruit prices in Montenegro increased the most in the year, by 20,7 percent, while EU members recorded a growth of 9,5 percent, and in the eurozone by 7,4 percent. In three countries for which Eurostat calculates inflation, fruit prices fell - in Switzerland by 5,6 percent, in Cyprus by 3,3 percent and in Belgium by 0,4 percent. Lower fruit price growth than in Montenegro was recorded in Malta with 1,1 percent, Iceland with 1,3 percent, Ireland with 3,4 percent, the Netherlands with four percent, Austria with 4,1 percent, France with 4,7 percent, Denmark with 5,4 percent, Luxembourg with 5,5 percent, Germany with 6,5 percent,... The largest increase in fruit prices in July was recorded in Romania with 28,8 percent, Hungary with 26,7 percent, Bulgaria with 24,4 percent and Estonia with 22,1 percent.
Meat prices in Montenegro increased by five percent in July, year-on-year. According to Eurostat data, the average increase in meat prices in EU member states is 4,1 percent, and in eurozone members it is 4,3 percent.
In the same period, the price of this product fell by two percent in Switzerland, by 1,9 percent in Hungary, and by 1,6 percent in Slovakia. Lower rates of meat price growth compared to Montenegro were recorded in France and Cyprus, each by one percent, Finland by 1,6 percent, Germany by 2,8 percent, Bulgaria by 3,1 percent, Poland by 3,2 percent, Norway by 3,6 percent,...
For most other products and services, Montenegro also has significantly higher price growth rates than in European countries.
Edible oil and fats in Montenegro increased in price by 12,7 percent, in the EU prices fell by 6 percent
Edible oils and fats in Montenegro have increased in price by 12,7 percent in the past year, however, the opposite has happened in European countries - they have become significantly cheaper. The price of these products in EU member states is six percent lower, and in those that have the euro as their currency they have become cheaper by 9,1 percent.
The prices of edible oils and fats fell the most in Spain by 35,6 percent, Greece by 20,3 percent, Portugal by 14,2 percent, Cyprus by 12 percent, Italy by 9,1 percent, Hungary by 4,3 percent, Switzerland by 2,8 percent,...
Growth greater than that of Montenegro was recorded in Latvia by 14,9 percent, Slovakia by 14,6 percent, Estonia by 14,5 percent and Slovenia by 13,4 percent.
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