Annual inflation rate in Mongolia climbed to 7.9 percent in May of 2019 from 7.0 percent in the prior month. It was the highest inflation rate since December 2019, as prices rose faster for food & non-alcoholic beverages (11.3 percent vs 8.3 percent in April); clothing & footwear (8.5 percent vs 8.4 percent); housing & utilities (9.0 percent vs 8.9 percent); miscellaneous goods & services (6.1 percent vs 4.4 percent); alcoholic beverages & tobacco (4.0 percent vs 3.6 percent) and restaurants & hotels (7.8 percent vs 6.5 percent). On the other hand, cost slowed for transport (5.2 percent vs 5.5 percent); education (5.6 percent vs 5.7 percent); recreation & culture (10.5 percent vs 11.2 percent) and communication (0.7 percent vs 0.8 percent) while inflation was steady for furniture & household equipment (at 4.1 percent) and health (at 9.5 percent). On a monthly basis, consumer prices went up 1.4 percent, after rising 1.0 percent in April. Inflation Rate in Mongolia averaged 9.87 percent from 2007 until 2019, reaching an all time high of 34.20 percent in August of 2008 and a record low of -0.20 percent in October of 2016.
Inflation Rate in Mongolia is expected to be 7.90 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 8.00 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.