The annual inflation rate in North Macedonia eased to 2.3% in July 2026 from 3.4% in the previous month, marking the lowest reading since August 2024. Price growth moderated for food and non-alcoholic beverages (1.1% vs 2.5% in June), clothing and footwear (1.8% vs 2.1%), furniture, household equipment, and routine household maintenance (2.1% vs 4.2%), health (1.3% vs 1.8%), transportation (1.1% vs 6.2%), information and communication (2.0% vs 2.8%), restaurants and hotels (4.4% vs 4.9%), and insurance and financial services (1.6% vs 1.7%). In contrast, costs increased for alcoholic beverages and tobacco (9.5% vs 9.3%), recreation and culture (5.7% vs 5.1%), education (4.9% vs 4.6%), housing and utilities (3.6% vs 2.8%), and miscellaneous goods and services (1.9% vs 1.6%). On a monthly basis, consumer prices grew by 0.1% in July, rebounding from a 0.5% drop in the preceding period. source: State Statistical Office of the Republic of Macedonia

Inflation Rate in Macedonia decreased to 2.30 percent in July from 3.40 percent in June of 2026. Inflation Rate in Macedonia averaged 3.17 percent from 2006 until 2026, reaching an all time high of 19.80 percent in October of 2022 and a record low of -2.10 percent in December of 2009. This page provides the latest reported value for - Macedonia Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. North Macedonia Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2026.

Inflation Rate in Macedonia decreased to 2.30 percent in July from 3.40 percent in June of 2026. Inflation Rate in Macedonia is expected to be 3.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the North Macedonia Inflation Rate is projected to trend around 2.40 percent in 2027 and 2.60 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-07-07 10:00 AM
Inflation Rate YoY
Jun 3.4% 4.8% 4.6%
2026-08-07 10:00 AM
Inflation Rate YoY
Jul 2.3% 3.4% 2.7%
2026-09-07 10:00 AM
Inflation Rate YoY
Aug 2.3%



Components Last Previous Unit Reference
Food Inflation 2.30 2.50 percent Jul 2026

Related Last Previous Unit Reference
Consumer Price Index CPI 103.60 103.58 points Jul 2026
Core Consumer Prices 163.27 162.42 points Jul 2026
Core Inflation Rate 1.90 2.80 percent Jul 2026
GDP Deflator 135.30 135.50 points Mar 2026
Inflation Rate YoY 2.30 3.40 percent Jul 2026
Inflation Rate MoM 0.10 -0.50 percent Jul 2026
Producer Prices 130.40 129.70 points Jun 2026
PPI YoY 6.20 6.00 percent Jun 2026


North Macedonia Inflation Rate
In Macedonia, the most important category in the consumer price index is Food and Non-Alcoholic Beverages (40 percent of total weight). Housing and Utilities account for 13 percent; Transport for 8 percent; Clothing and Footwear for 7 percent; Furnishings, Household Equipment and Maintenance for 6 percent; and Restaurants and Hotels for 6 percent. Miscellaneous Goods and Services; Alcoholic beverages, tobacco and narcotics; Health; Communication; Recreation and Culture; and Education account for the remaining 21 percent of total weight.
Actual Previous Highest Lowest Dates Unit Frequency
2.30 3.40 19.80 -2.10 2006 - 2026 percent Monthly

News Stream
North Macedonia Inflation Eases to 2-Year Low
The annual inflation rate in North Macedonia eased to 2.3% in July 2026 from 3.4% in the previous month, marking the lowest reading since August 2024. Price growth moderated for food and non-alcoholic beverages (1.1% vs 2.5% in June), clothing and footwear (1.8% vs 2.1%), furniture, household equipment, and routine household maintenance (2.1% vs 4.2%), health (1.3% vs 1.8%), transportation (1.1% vs 6.2%), information and communication (2.0% vs 2.8%), restaurants and hotels (4.4% vs 4.9%), and insurance and financial services (1.6% vs 1.7%). In contrast, costs increased for alcoholic beverages and tobacco (9.5% vs 9.3%), recreation and culture (5.7% vs 5.1%), education (4.9% vs 4.6%), housing and utilities (3.6% vs 2.8%), and miscellaneous goods and services (1.9% vs 1.6%). On a monthly basis, consumer prices grew by 0.1% in July, rebounding from a 0.5% drop in the preceding period.
2026-08-07
North Macedonia Inflation at 4-Month Low
The annual inflation rate in North Macedonia eased to 3.4% in June 2026 from 4.8% in the previous month, marking the lowest level since February. Price growth slowed across several categories, including food and beverages (2.5% vs. 4.7% in May), housing and utilities (2.8% vs. 2.9%), transportation (6.2% vs. 11%), clothing and footwear (2.1% vs. 2.2%), furniture, household equipment, and routine household maintenance (4.2% vs. 4.6%), restaurants and hotels (4.9% vs. 5%), recreation, sports and culture (5.1% vs. 5.5%), and personal care, social protection, and miscellaneous goods and services (1.6% vs. 2.1%). Meanwhile, price growth held steady for alcoholic beverages, tobacco, and narcotics (9.3%), health care (1.8%), information and communication (2.8%), and education (4.6%). On a monthly basis, consumer prices fell 0.5% in June, reversing a 0.6% increase in May, marking the lowest reading since January.
2026-07-07
North Macedonia Inflation Eases in May
The annual inflation rate in North Macedonia rose by 4.8% in May 2026, easing from two-year high of 5.7% in the previous month. Price growth slowed for food and non-alcoholic beverages (4.7% vs 8% in April), alcoholic beverages and tobacco (9.3% vs 10.2%), furnishings and household equipment (4.9% vs 5%), and miscellaneous goods and services (2.1% vs 4.3%). At the same time, costs remained unchanged for housing and utilities (at 2.9%), health (at 1.8%), education (at 4.6%), and insurance and financial services (at 1.7%). In contrast, prices increased for clothing and footwear (2.2% vs 1.6%), transportation (11% vs 5.4%), information and communication (2.8% vs 2%), recreation and culture (5.5% vs 5.4%), and restaurants and hotels (5% vs 4.3%). On a monthly basis, consumer prices grew by 0.6% in May, following a 1.3% growth in the preceding period.
2026-06-08