Macedonia Producer Inflation Cools to 16-Month Low

The annual producer inflation in North Macedonia eased to 3.8% in January 2026 from 4.1% in the previous month. This marked the lowest level since September 2024, mainly due to softer price growth for intermediate goods, except energy (2.3% vs 2.5% in December) and capital goods (7.5% vs 10.4%). Meanwhile, prices rose at a faster pace for energy (9.6% vs 7.6%) and consumer goods (1.7% vs 1.2%). Under consumer goods, prices of durable goods rebounded (1.0% vs -2.7%), while costs of non-durable goods increased (1.8% vs 1.5%). On a monthly basis, consumer prices rose by 1.0%, following a 0.5% increase in December.

The annual producer inflation in North Macedonia rose by 4.1% in December 2025 from a fourteen-month low of 3.9% in the previous month. Prices increased at a faster pace for energy (7.6% vs 6.9% in November), intermediate goods (2.4% vs 2.2%), capital goods (10.3% vs 8.2%). On the other hand, producer inflation slowed for consumer goods (1.2% vs 2.4%) and non-perishable goods (1.5% vs 2.6%), while costs declined for durable goods (-2.6% vs 0.3%). On a month-on-month basis, producer prices increased by 0.5% in December, following a 0.4% gain in the preceding period.

The annual producer inflation in North Macedonia slowed to 3.9% in November 2025 from 4.1% in the previous month. This marks the lowest level since September 2024, as price growth mainly eased for energy (6.1% vs 6.9% in October), and intermediate products except energy (1.9% vs 2.1%). Cost pressures also softened for capital goods, with inflation edging down to 8.0% from 8.2%, while prices for durable goods shifted into decline, falling 2.0% after rising 0.3% previously. In contrast, producer inflation accelerated for consumer products (3.4% vs 2.4%), and for non-perishable goods (3.8% vs 2.6%). On a month-on-month basis, producer prices increased by 0.5% in November, following a 0.3% rise in the prior period. Over the January-to-November period, producer inflation averaged 5.4%.