Inflation North Macedonia 2022
Average inflation: 14.1%
Current Inflation
Inflation is very high at 14.1%, far above the ECB target.
Peak and Trough
The highest inflation was in October at 19.8%. The lowest inflation was in January at 6.7%.
- Highest month
- October: 19.8%
- Lowest month
- January: 6.7%
- Difference
- 13.1 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Energy with an average of 23.1%. The lowest price increase was in Core inflation with an average of 12.3%.
- Highest increase
- Energy: 23.1%
- Lowest increase
- Core inflation: 12.3%
Historical Context
Current inflation is 9.9% higher than the 5-year average of 4.2%. This approaches the highest level since records began (14.1% in 2022).
- 5-year average
- 4.2%
- 10-year average
- 2.4%
- All-time high (2022)
- 14.1%
- All-time low (2009)
- -0.7%
Trend
Inflation shows an upward trend. Compared to 2021, inflation has risen by +10.9 percentage point.
- Change vs. previous year
- +10.9 percentage points
- Largest monthly swing
- October: +15.7 percentage points
ECB Target
Inflation is 12.1% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €114.10 next year at this inflation rate.
Multi-year trend
Monthly figures 2022
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2021 |
|---|---|---|
| January | 6.7% | +4.8 |
| February | 7.6% | +5.7 |
| March | 8.8% | +6.7 |
| April | 10.5% | +7.8 |
| May | 11.9% | +8.9 |
| June | 14.5% | +11.8 |
| July | 16.0% | +12.6 |
| August | 16.8% | +13.2 |
| September | 18.7% | +15.0 |
| October | 19.8% | +15.7 |
| November | 19.5% | +14.7 |
| December | 18.7% | +13.8 |
| Average | 14.1% |
Data source
Data from WorldBank. Last updated: 06/01/2026.