Average inflation in North Macedonia

International Monetary Fund · Annual · Importance

IMF forecast (WEO): 2026: 4.5% 2027: 4.1% 2028: 3.2% 2029: 2.5% 2030: 2.2% 2031: 2.0%

-1.3% (1999) ANUAL · % · Annual · CSV

Period	%
Jan 1999	-1.3%
Jan 1998	0.5%
Jan 1997	1.3%
Jan 1996	2.5%
Jan 1995	16.4%
Jan 1994	126.6%
Jan 1993	338.7%

About this indicator

Source

International Monetary Fund

Frequency

Annual

Release

Published annually, covering the full year and subject to revision.

What it is

Measures the change in prices of a representative basket of goods and services bought by North Macedonian households. Compiled by the State Statistical Office (SSO), it is the country's main gauge of inflation.

How it's calculated

Based on a monthly price survey across the country's towns. Each item is weighted by its share of household spending and aggregated into an index with a base year (index 100). Average annual inflation averages the year's year-on-year rates.

Market implications

It is the central reference for the National Bank of North Macedonia, which runs a euro peg. High inflation shapes interest rates and households' purchasing power.

Limitations

It only captures the defined basket, not the whole economy. It is sensitive to food and energy prices; the underlying trend is tracked via core inflation, which strips out energy and unprocessed food.