The annual inflation rate in North Macedonia slowed to 2.9% in February 2026 from 3.2% in the previous month. This marked the lowest reading since April last year, largely driven by ongoing deflation in transport costs (-4.4% vs -6.5% in January). At the same time, inflation moderated for food and non-alcoholic beverages (3.9% vs 5.2%), furnishings, household equipment and maintenance (4.6% vs 5.8%), health (2% vs 2.9%), and restaurants and accommodations (4.1% vs 4.8%). On the other hand, prices increased at a faster pace for clothing and footwear (2.6% vs 1.2%), recreation, sport and culture (5.4% vs 4.3%), and miscellaneous goods and services (2.1% vs 1%), while it rebounded for education services (3.8% vs –0.1%). On a monthly basis, consumer prices rose by 0.2% in February, recovering from a 0.7% fall in the preceding period. source: State Statistical Office of the Republic of Macedonia

Inflation Rate in Macedonia decreased to 2.90 percent in February from 3.20 percent in January of 2026. Inflation Rate in Macedonia averaged 3.14 percent from 2006 until 2026, reaching an all time high of 19.80 percent in October of 2022 and a record low of -2.10 percent in December of 2009. This page provides the latest reported value for - Macedonia Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. North Macedonia Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2026.

Inflation Rate in Macedonia decreased to 2.90 percent in February from 3.20 percent in January of 2026. Inflation Rate in Macedonia is expected to be 3.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the North Macedonia Inflation Rate is projected to trend around 2.20 percent in 2027 and 2.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-02-13 11:00 AM
Inflation Rate YoY
Jan 3.2% 4.1% 4.9%
2026-03-09 11:00 AM
Inflation Rate YoY
Feb 2.9% 3.2% 3.0%
2026-04-07 10:00 AM
Inflation Rate YoY
Mar 2.9% 3.5%

Components Last Previous Unit Reference
Food Inflation 3.91 5.18 percent Feb 2026

Related Last Previous Unit Reference
Consumer Price Index CPI 101.38 101.23 points Feb 2026
Core Consumer Prices 159.15 159.22 points Feb 2026
Core Inflation Rate 2.73 3.03 percent Feb 2026
GDP Deflator 135.29 131.63 points Sep 2025
Inflation Rate YoY 2.90 3.20 percent Feb 2026
Inflation Rate MoM 0.20 -0.70 percent Feb 2026
Producer Prices 125.60 124.30 points Jan 2026
PPI YoY 3.80 4.10 percent Jan 2026


North Macedonia Inflation Rate
In Macedonia, the most important category in the consumer price index is Food and Non-Alcoholic Beverages (40 percent of total weight). Housing and Utilities account for 13 percent; Transport for 8 percent; Clothing and Footwear for 7 percent; Furnishings, Household Equipment and Maintenance for 6 percent; and Restaurants and Hotels for 6 percent. Miscellaneous Goods and Services; Alcoholic beverages, tobacco and narcotics; Health; Communication; Recreation and Culture; and Education account for the remaining 21 percent of total weight.
Actual Previous Highest Lowest Dates Unit Frequency
2.90 3.20 19.80 -2.10 2006 - 2026 percent Monthly

News Stream
North Macedonia Inflation Hits 10-Month Low
The annual inflation rate in North Macedonia slowed to 2.9% in February 2026 from 3.2% in the previous month. This marked the lowest reading since April last year, largely driven by ongoing deflation in transport costs (-4.4% vs -6.5% in January). At the same time, inflation moderated for food and non-alcoholic beverages (3.9% vs 5.2%), furnishings, household equipment and maintenance (4.6% vs 5.8%), health (2% vs 2.9%), and restaurants and accommodations (4.1% vs 4.8%). On the other hand, prices increased at a faster pace for clothing and footwear (2.6% vs 1.2%), recreation, sport and culture (5.4% vs 4.3%), and miscellaneous goods and services (2.1% vs 1%), while it rebounded for education services (3.8% vs –0.1%). On a monthly basis, consumer prices rose by 0.2% in February, recovering from a 0.7% fall in the preceding period.
2026-03-09
North Macedonia Inflation Falls to Lowest in 9 Months
North Macedonia’s annual inflation slowed to 3.2% in January 2026 from 4.1% in the previous month. This was the lowest inflation rate since April 2025, amid softer price increases for food and non-alcoholic beverages (5.2% vs 5.3% in December), clothing and footwear (1.2% vs 2.2%), furnishings, household equipment and maintenance (5.8% vs 6.3%), communication (2% vs 2.2%), recreation and culture (4.3% vs 6.3%), and miscellaneous goods and services (1% vs 3.2%). In addition, transport costs dropped by 6.5%, reversing a 2.2% rise in the prior month. Conversely, prices increased further for housing and utilities (3.0% vs 2.0%) and restaurants and hotels (4.8% vs 4.7%). On a monthly basis, consumer prices fell by 0.7% in January, following a 0.4% rise in December.
2026-02-13
North Macedonia Inflation Edges Up to 4.1%
North Macedonia’s annual inflation rate ticked up to 4.1% in December 2025 from 4% in the previous month. Prices increased for housing and utilities (2% vs 1.8% in November), transport (2.2% vs 1.1%), furniture, household equipment, and maintenance (6.3% vs 5.5%), restaurants and hotels (4.7% vs 4.6%), alcoholic beverages, tobacco, and narcotics (5.4% vs 5.3%), health (2.9% vs 2.1%), and communication (2.2% vs 1.8%). Conversely, inflation eased for food and non-alcoholic beverages (5.3% vs 5.4%), clothing and footwear (2.2% vs 2.7%), and recreation and culture (6.3% vs 7.2%), while remained steady for miscellaneous goods and services (at 3.2%). On a monthly basis, consumer prices rose by 0.4% in December, following a 0.5% increase in November. In 2025, the average inflation rate was 4.1%.
2026-01-08