North Macedonia Inflation at 13-Month High

The annual inflation rate in North Macedonia rose by 4.9% in March 2026 from 2.9% in the previous month. This marked the highest reading since February 2025, lifted by price increases in food and non-alcoholic beverages (7.5% vs 3.9% in February), alcoholic beverages and tobacco (8.8% vs 4.9%), furniture, household equipment, and maintenance (5.9% vs 4.6%), recreation and culture (6.1% vs 5.4%), and education (4.3% vs 3.8%). At the same time, costs recovered for transport costs (0.6% vs -4.4%). In contrast, inflation slowed for restaurants and hotels (3.8% vs 4.1%), clothing and footwear (2.4% vs 2.6%), housing and utilities (2.6% vs 2.8%), health (1.9% vs 2%), and communication (1.5% vs 1.6%). On a monthly basis, consumer prices grew by 0.7% in March, following a 0.2% increase in the preceding period.

The annual inflation rate in North Macedonia slowed to 2.9% in February 2026 from 3.2% in the previous month. This marked the lowest reading since April last year, largely driven by ongoing deflation in transport costs (-4.4% vs -6.5% in January). At the same time, inflation moderated for food and non-alcoholic beverages (3.9% vs 5.2%), furnishings, household equipment and maintenance (4.6% vs 5.8%), health (2% vs 2.9%), and restaurants and accommodations (4.1% vs 4.8%). On the other hand, prices increased at a faster pace for clothing and footwear (2.6% vs 1.2%), recreation, sport and culture (5.4% vs 4.3%), and miscellaneous goods and services (2.1% vs 1%), while it rebounded for education services (3.8% vs –0.1%). On a monthly basis, consumer prices rose by 0.2% in February, recovering from a 0.7% fall in the preceding period.

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.