Consumer prices in Mongolia increased 5.2 percent year-on-year in December of 2019, the same pace as in the previous month. Prices slowed for food and non-alcoholic beverages (8.3 percent vs 9.5 percent in November); housing & utilities (3.2 percent vs 4.0 percent); recreation & culture (9.3 percent vs 9.6 percent) and health (3.3 percent vs 3.6 percent). On the other hand, cost advanced faster for clothing & footwear (7.1 percent vs 6.5 percent); furniture & household equipment (3.9 percent vs 3.4 percent); alcoholic beverages & tobacco (3.3 percent vs 3.1 percent); miscellaneous goods & services (5.8 percent vs 4.8 percent) and restaurants & hotels (9.8 percent vs 9.7 percent) while transport prices drooped less (-1.4 percent vs -2.6 percent). On a monthly basis, consumer prices went up 0.6 percent, after decreasing 0.4 percent in November. Inflation Rate in Mongolia averaged 9.76 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 4.00 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 7.50 in 12 months time. In the long-term, the Mongolia Inflation Rate is projected to trend around 6.50 percent in 2020, according to our econometric models.