North Macedonia Inflation Slows in November

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.

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%.

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.