In annual terms, inflation in Mongolia decreased from 9.2% in October to 8.2% in November 2025. The main factors contributing to this slowdown were prices for housing, utilities, restaurants, and healthcare, although the cost of food and transportation services continued to rise; on a monthly basis, consumer prices increased by 0.6%.
According to data from the National Statistical Office (NSO), this figure is 0.8 percentage points higher compared to the same month last year and 0.6 percentage points more than in the previous month.
Compared to November last year, in November 2025, prices for goods increased by 7.6%, for services by 9.8%, for food by 11.8%, and for non-food items by 6.8% across the country.
In the Central region, prices rose by 8.8%, and in Ulaanbaatar, by 12.4%, which is the highest increase among all regions.
The inflation rate in November 2024 was 7.4%, which is 0.8 percentage points lower than in November 2025, when it reached 8.2%.
The main factor driving inflation was the increased prices for imported goods, which rose by 2.2 percentage points (26.9%), while domestic goods increased by 4.2 percentage points (51.6%).
In November 2025, inflation was 8.2%, of which 3.1 (38.4%) percentage points were related to the rise in prices for food, beverages, and water, while 1.0 (12.5%) percentage points were attributed to the increase in prices for clothing, textiles, and footwear.
Inflation in November 2025 was 8.2%, of which 2.4 (30.0%) percentage points were caused by the rise in prices for imported goods.
The consumer basket includes 430 types of goods and services, of which 418 were analyzed in Ulaanbaatar. Of the total, 238 are imported, accounting for 55.3% of the entire basket.
The Central Bank of Mongolia plans to keep the inflation rate within 6% (+/- 2.0 percentage points) starting from 2027 to ensure macroeconomic stability and the resilience of the financial system.
According to the statistical agency, the landlocked economy of Mongolia demonstrated a growth of 5.9% year-on-year in the third quarter of 2025.
The Asian Development Bank (ADB) forecasts that the economy of Mongolia will grow by 5.7% in 2025 and 2026.
According to the expectations of the Asian Development Bank, economic growth this year will be driven by an increase in livestock numbers and higher production volumes at the Oyu Tolgoi mine.
Tatar S. Maidar
Source: MiddleAsianNews
