North Macedonia Inflation Rate
Consumer price inflation, annual % FP.CPI.TOTL.ZG
North Macedonia's inflation rate was 3.90% in 2025, ranked 69th globally. This represents a 11.8% increase from 2024. Data from World Bank, covering 1993–2025.
Overview
North Macedonia's inflation rate stood at 3.90% in 2025, a rise of +0.41pp from 2024. The IMF projects 3.90% by 2025. North Macedonia ranked 69th globally.
North Macedonia’s inflation rate has fallen dramatically from an all‑time peak of 338.68 % in 1993 to a modest 3.90 % in 2025, placing the country 69th globally and closely aligned with peers such as Mauritius (3.91 %) and Turkmenistan (3.89 %). The sharpest decline occurred after the hyperinflation of the early 1990s, with a brief deflationary episode in 1999 when the rate reached a trough of –1.28 %. Over the 33‑year series, the average trajectory has been one of steady disinflation, reflecting fiscal consolidation, monetary policy tightening and the adoption of a currency board that anchors expectations. Recent stability suggests that inflation will likely remain near the low‑single‑digit range, provided external price shocks are limited and the government maintains prudent fiscal discipline; any significant deviation in global commodity prices or fiscal imbalances could alter this path.
Data & projection
| Year | Inflation Rate | YoY change | Rank |
|---|---|---|---|
| 2030* IMF | 2.00% | - | - |
| 2029* IMF | 2.00% | - | - |
| 2028* IMF | 2.00% | - | - |
| 2027* IMF | 2.20% | - | - |
| 2026* IMF | 3.00% | - | - |
| 2025* IMF | 3.90% | - | - |
| 2025 | 3.90% | +0.41pp | #69 |
| 2024 | 3.49% | −5.87pp | #112 |
| 2023 | 9.36% | −4.84pp | #148 |
| 2022 | 14.20% | +10.97pp | #159 |
| 2021 | 3.23% | +2.03pp | #90 |
| 2020 | 1.20% | +0.43pp | #77 |
| 2019 | 0.77% | −0.69pp | #48 |
| 2018 | 1.46% | +0.11pp | #57 |
| 2017 | 1.35% | +1.59pp | #55 |
| 2016 | -0.24% | +0.06pp | #37 |
| 2015 | -0.30% | −0.02pp | #43 |
| 2014 | -0.28% | −3.07pp | #12 |
| 2013 | 2.79% | −0.53pp | #109 |
| 2012 | 3.32% | −0.59pp | #89 |
| 2011 | 3.90% | +2.40pp | #78 |
Detected Pattern
Analysis
North Macedonia matched the Export Boom Cycle pattern in 2023. Historically, 71% of countries showing this pattern (546 out of 768) saw inflation rate improve within 24 months. View full analysis →
Frequently Asked Questions
North Macedonia's inflation rate was 3.90% in 2025. Ranked 69th globally. This represents a 11.8% increase from the previous year.
North Macedonia's inflation rate peaked at 338.68% in 1993.
The lowest inflation rate in North Macedonia was -1.28% in 1999.
North Macedonia ranks 69th globally in inflation rate as of 2025.
The World Bank indicator code is FP.CPI.TOTL.ZG. Data sourced from World Bank.
North Macedonia's inflation rate is projected to reach 3.90% by 2025 based on IMF projection.
The inflation rate of North Macedonia in 2025 was 3.90%. This ranks 69th in the world.
Cite this page
@misc{historysaid_north-macedonia_inflation-rate,
title = {North Macedonia Inflation Rate},
url = {https://historysaid.com/north-macedonia/inflation-rate/},
publisher = {HistorySaid},
year = {2026}
}