North Macedonia’s annual inflation slowed to 3.2% in January 2026 from 4.1% in the previous month. This was the lowest inflation rate since April 2025, amid softer price increases for food and non-alcoholic beverages (5.2% vs 5.3% in December), clothing and footwear (1.2% vs 2.2%), furnishings, household equipment and maintenance (5.8% vs 6.3%), communication (2% vs 2.2%), recreation and culture (4.3% vs 6.3%), and miscellaneous goods and services (1% vs 3.2%). In addition, transport costs dropped by 6.5%, reversing a 2.2% rise in the prior month. Conversely, prices increased further for housing and utilities (3.0% vs 2.0%) and restaurants and hotels (4.8% vs 4.7%). On a monthly basis, consumer prices fell by 0.7% in January, following a 0.4% rise in December. source: State Statistical Office of the Republic of Macedonia

Inflation Rate in Macedonia decreased to 3.20 percent in January from 4.10 percent in December of 2025. Inflation Rate in Macedonia averaged 3.14 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 March of 2026.

Inflation Rate in Macedonia decreased to 3.20 percent in January from 4.10 percent in December of 2025. Inflation Rate in Macedonia is expected to be 3.50 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 3.00 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-01-08 11:00 AM
Inflation Rate YoY
Dec 4.1% 4.0% 3.8%
2026-02-13 11:00 AM
Inflation Rate YoY
Jan 3.2% 4.1% 4.9%
2026-03-09 11:00 AM
Inflation Rate YoY
Feb 3.2%

Components Last Previous Unit Reference
Food Inflation 5.18 5.29 percent Jan 2026

Related Last Previous Unit Reference
Consumer Price Index CPI 101.23 101.97 points Jan 2026
Core Consumer Prices 159.22 161.14 points Jan 2026
Core Inflation Rate 3.03 4.30 percent Jan 2026
GDP Deflator 135.29 131.63 points Sep 2025
Inflation Rate YoY 3.20 4.10 percent Jan 2026
Inflation Rate MoM -0.70 0.40 percent Jan 2026
Producer Prices 125.60 124.30 points Jan 2026
PPI YoY 3.80 4.10 percent Jan 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
3.20 4.10 19.80 -2.10 2006 - 2026 percent Monthly

News Stream
North Macedonia Inflation Falls to Lowest in 9 Months
North Macedonia’s annual inflation slowed to 3.2% in January 2026 from 4.1% in the previous month. This was the lowest inflation rate since April 2025, amid softer price increases for food and non-alcoholic beverages (5.2% vs 5.3% in December), clothing and footwear (1.2% vs 2.2%), furnishings, household equipment and maintenance (5.8% vs 6.3%), communication (2% vs 2.2%), recreation and culture (4.3% vs 6.3%), and miscellaneous goods and services (1% vs 3.2%). In addition, transport costs dropped by 6.5%, reversing a 2.2% rise in the prior month. Conversely, prices increased further for housing and utilities (3.0% vs 2.0%) and restaurants and hotels (4.8% vs 4.7%). On a monthly basis, consumer prices fell by 0.7% in January, following a 0.4% rise in December.
2026-02-13
North Macedonia Inflation Edges Up to 4.1%
North Macedonia’s annual inflation rate ticked up to 4.1% in December 2025 from 4% in the previous month. Prices increased for housing and utilities (2% vs 1.8% in November), transport (2.2% vs 1.1%), furniture, household equipment, and maintenance (6.3% vs 5.5%), restaurants and hotels (4.7% vs 4.6%), alcoholic beverages, tobacco, and narcotics (5.4% vs 5.3%), health (2.9% vs 2.1%), and communication (2.2% vs 1.8%). Conversely, inflation eased for food and non-alcoholic beverages (5.3% vs 5.4%), clothing and footwear (2.2% vs 2.7%), and recreation and culture (6.3% vs 7.2%), while remained steady for miscellaneous goods and services (at 3.2%). On a monthly basis, consumer prices rose by 0.4% in December, following a 0.5% increase in November. In 2025, the average inflation rate was 4.1%.
2026-01-08
North Macedonia Inflation Slows in November
North Macedonia’s annual inflation rate eased to 4% in November 2025 from a three-month high of 4.5% in the previous month. The main downward pressure came from slower price increases for food and non-alcoholic beverages (5.4% vs 7% in October), alcoholic beverages, tobacco, and narcotics (5.3% vs 6.7%), recreation and culture (7.2% vs 7.8%), and restaurant and hotels (4.6% vs 5.2%). Additionally, costs for education declined by 0.3%, the same pace in October. On the other hand, inflation increased further for furniture, household goods and maintenance (5.5% vs 4.7%) and miscellaneous goods and services (3.2% vs 3%), while prices rebounded for transportation (1.1% vs -1.4%). On a monthly basis, consumer prices rose by 0.5% in November, recovering from a 0.2% fall in the preceding period.
2025-12-09