Inflation Rate (CPI): North Macedonia

Analysis# North Macedonia Inflation Rate (CPI) North Macedonia's inflation rate stands at 3% in 2026, a dramatic stabilization from its turbulent past. The country experienced hyperinflation at its peak of 338.7% in 1993 during the transition from Yugoslavia, but has since reduced inflation by 99.1 percentage points. The all-time low of -1.3% in 1999 marks the only deflationary period recorded. Over three decades, the nation has achieved sustained low single-digit inflation, positioning itself among Europe's more stable economies. The period from 2017 to 2020 showed remarkable consistency, with inflation hovering between 0.8% and 1.5%. A significant surge occurred in 2022, reaching 14.2% amid global commodity pressures and regional geopolitical tensions. Recovery followed quickly, declining to 9.4% in 2023 and stabilizing near 3-4% by 2024-2026. This trajectory suggests North Macedonia has successfully contained inflationary pressures, with projections indicating continued moderation ahead.