Inflation North Macedonia 2024
Average inflation: 3.5%
Current Inflation
Inflation is high at 3.5%, well above the ECB target.
Peak and Trough
The highest inflation was in May at 4.5%. The lowest inflation was in August at 2.2%.
- Highest month
- May: 4.5%
- Lowest month
- August: 2.2%
- Difference
- 2.3 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Core inflation with an average of 4.6%. The lowest price increase was in Energy with an average of -1.1%.
- Highest increase
- Core inflation: 4.6%
- Lowest increase
- Energy: -1.1%
Historical Context
Current inflation is 2.8% lower than the 5-year average of 6.3%.
- 5-year average
- 6.3%
- 10-year average
- 3.5%
- All-time high (2022)
- 14.1%
- All-time low (2009)
- -0.7%
Trend
Inflation shows a downward trend. Compared to 2023, inflation has fallen by +6.1 percentage point.
- Change vs. previous year
- -6.1 percentage points
- Largest monthly swing
- January: -13.9 percentage points
ECB Target
Inflation is 1.5% 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 €103.50 next year at this inflation rate.
Multi-year trend
Monthly figures 2024
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| January | 3.2% | -13.9 |
| February | 3.0% | -13.7 |
| March | 4.0% | -10.7 |
| April | 4.0% | -9.0 |
| May | 4.5% | -6.8 |
| June | 3.2% | -6.1 |
| July | 2.9% | -5.5 |
| August | 2.2% | -6.1 |
| September | 2.6% | -4.0 |
| October | 3.5% | 0.0 |
| November | 4.3% | +1.2 |
| December | 4.4% | +0.8 |
| Average | 3.5% |
Data source
Data from WorldBank. Last updated: 06/01/2026.