Inflation North Macedonia 2004
Average inflation: -0.5%
Current Inflation
There is deflation with consumer prices declining by 0.5%.
Peak and Trough
The highest inflation was in January at 1.9%. The lowest inflation was in December at -2.1%.
- Highest month
- January: 1.9%
- Lowest month
- December: -2.1%
- Difference
- 4.0 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of -2.9%. The lowest price increase was in Food with an average of -2.9%.
- Highest increase
- Food: -2.9%
- Lowest increase
- Food: -2.9%
Historical Context
Current inflation is 0.7% lower than the 5-year average of 0.2%.
- 5-year average
- 0.2%
- 10-year average
- 0.2%
- All-time high (2003)
- 0.9%
- All-time low (2004)
- -0.5%
Trend
Inflation shows a downward trend. Compared to 2003, inflation has fallen by +1.4 percentage point.
- Change vs. previous year
- -1.4 percentage points
- Largest monthly swing
- December: -4.4 percentage points
ECB Target
Inflation is 2.5% below the ECB target of 2.0%. Too low inflation may indicate economic weakness.
Purchasing Power
Due to deflation, purchasing power increases. Money becomes more valuable instead of less.
What you could buy for MKD 100 this year will cost approximately MKD 99.50 next year at this inflation rate.
Multi-year trend
Monthly figures 2004
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2003 |
|---|---|---|
| January | 1.9% | +1.5 |
| February | 1.6% | +1.9 |
| March | 1.5% | +2.3 |
| April | -0.7% | -0.6 |
| May | -0.7% | -0.9 |
| June | -0.2% | -0.6 |
| July | -1.2% | -3.1 |
| August | -1.8% | -3.7 |
| September | -2.0% | -3.7 |
| October | -0.9% | -2.1 |
| November | -0.9% | -2.5 |
| December | -2.1% | -4.4 |
| Average | -0.5% |
Data source
Data from WorldBank. Last updated: 06/01/2026.