Inflation North Macedonia 2023
Average inflation: 9.6%
Current Inflation
Inflation is very high at 9.6%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 17.1%. The lowest inflation was in November at 3.1%.
- Highest month
- January: 17.1%
- Lowest month
- November: 3.1%
- Difference
- 14.0 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 12.4%. The lowest price increase was in Energy with an average of 6.0%.
- Highest increase
- Food: 12.4%
- Lowest increase
- Energy: 6.0%
Historical Context
Current inflation is 3.8% higher than the 5-year average of 5.8%.
- 5-year average
- 5.8%
- 10-year average
- 3.1%
- All-time high (2022)
- 14.1%
- All-time low (2009)
- -0.7%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -4.5 percentage point.
- Change vs. previous year
- -4.5 percentage points
- Largest monthly swing
- November: -16.4 percentage points
ECB Target
Inflation is 7.6% 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 €109.60 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 17.1% | +10.4 |
| February | 16.7% | +9.1 |
| March | 14.7% | +5.9 |
| April | 13.0% | +2.5 |
| May | 11.3% | -0.6 |
| June | 9.3% | -5.2 |
| July | 8.4% | -7.6 |
| August | 8.3% | -8.5 |
| September | 6.6% | -12.1 |
| October | 3.5% | -16.3 |
| November | 3.1% | -16.4 |
| December | 3.6% | -15.1 |
| Average | 9.6% |
Data source
Data from WorldBank. Last updated: 06/01/2026.