North Macedonia Inflation Rate Quickens to Over 2-1/2-Year High

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.

The annual inflation rate in North Macedonia picked up to 5.7% in April 2026 from 4.9% in the prior month, reaching the highest since September 2023. Main upward pressure came from prices of transportation (5.4% vs 0.6% in March); alcoholic beverages & tobacco (10.2% vs 8.8%) and food & non-alcoholic beverages (8% vs 7.5%). On a monthly basis, the CPI rose by 1.3%, marking the steepest increase in nearly a year, after a 0.7% advance the month before.

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.