Inflation North Macedonia 2020
Average inflation: 1.2%
Current Inflation
Inflation is low at 1.2%, below the ECB target of 2%.
Peak and Trough
The highest inflation was in December at 2.3%. The lowest inflation was in May at -0.2%.
- Highest month
- December: 2.3%
- Lowest month
- May: -0.2%
- Difference
- 2.5 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 2.4%. The lowest price increase was in Energy with an average of -3.1%.
- Highest increase
- Food: 2.4%
- Lowest increase
- Energy: -3.1%
Historical Context
Current inflation is around the 5-year average of 0.9%.
- 5-year average
- 0.9%
- 10-year average
- 1.4%
- All-time high (2008)
- 8.4%
- All-time low (2009)
- -0.7%
Trend
Inflation has remained relatively stable. Compared to 2019, the difference is minimal (+0.4 percentage point).
- Change vs. previous year
- +0.4 percentage points
- Largest monthly swing
- October: +2.3 percentage points
ECB Target
Inflation is 0.8% below the ECB target of 2.0%. Too low inflation may indicate economic weakness.
Purchasing Power
At this inflation rate, purchasing power gradually decreases. The impact on daily expenses is relatively limited.
What you could buy for €100 this year will cost approximately €101.20 next year at this inflation rate.
Multi-year trend
Monthly figures 2020
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2019 |
|---|---|---|
| January | 0.6% | -0.6 |
| February | 0.7% | -0.3 |
| March | 0.5% | -0.9 |
| April | -0.1% | -2.0 |
| May | -0.2% | -1.6 |
| June | 1.7% | +1.4 |
| July | 1.3% | +0.5 |
| August | 1.5% | +0.7 |
| September | 1.9% | +1.6 |
| October | 2.1% | +2.3 |
| November | 2.2% | +2.3 |
| December | 2.3% | +1.9 |
| Average | 1.2% |
Data source
Data from WorldBank. Last updated: 06/01/2026.