Inflation North Macedonia 2021
Average inflation: 3.2%
Current Inflation
Inflation is high at 3.2%, well above the ECB target.
Peak and Trough
The highest inflation was in December at 4.9%. The lowest inflation was in January at 1.9%.
- Highest month
- December: 4.9%
- Lowest month
- January: 1.9%
- Difference
- 3.0 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Energy with an average of 7.8%. The lowest price increase was in Food with an average of 3.2%.
- Highest increase
- Energy: 7.8%
- Lowest increase
- Food: 3.2%
Historical Context
Current inflation is 1.6% higher than the 5-year average of 1.6%.
- 5-year average
- 1.6%
- 10-year average
- 1.3%
- All-time high (2008)
- 8.4%
- All-time low (2009)
- -0.7%
Trend
Inflation shows an upward trend. Compared to 2020, inflation has risen by +2.0 percentage point.
- Change vs. previous year
- +2.0 percentage points
- Largest monthly swing
- May: +3.2 percentage points
ECB Target
Inflation is 1.2% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €103.20 next year at this inflation rate.
Multi-year trend
Monthly figures 2021
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2020 |
|---|---|---|
| January | 1.9% | +1.3 |
| February | 1.9% | +1.2 |
| March | 2.1% | +1.6 |
| April | 2.7% | +2.8 |
| May | 3.0% | +3.2 |
| June | 2.7% | +1.0 |
| July | 3.4% | +2.1 |
| August | 3.6% | +2.1 |
| September | 3.7% | +1.8 |
| October | 4.1% | +2.0 |
| November | 4.8% | +2.6 |
| December | 4.9% | +2.6 |
| Average | 3.2% |
Data source
Data from WorldBank. Last updated: 06/01/2026.