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 MKD 100 this year will cost approximately MKD 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.