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 MKD 100 this year will cost approximately MKD 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.