Inflation in North Macedonia
In the year to August 2026, consumer prices in North Macedonia rose 2.6%, up from 2.3% a month earlier. Since January 2002 prices have risen 92.9%, which means den100 then buys what den192.92 buys now, so the same basket of goods costs 1.9 times what it did.
Cumulative & Yearly Inflation
Inflation in North Macedonia by year
Inflation is the change in that year's average prices against the year before, which is the figure usually quoted. The last two columns take den100 in January of that year and show what it is worth in August 2026, the most recent month on record. Only years measured in full are listed, so the year now running appears once it ends.
| Year | Inflation | den100 is now | Cumulative inflation |
|---|---|---|---|
| 2010 | 1.5% | 167.33 | 67.3% |
| 2020 | 1.2% | 146.13 | 46.1% |
| 2024 | 3.5% | 111.27 | 11.3% |
| 2025 | 4.1% | 106.06 | 6.1% |
Every year from 2003 to 2025
| Year | Inflation | den100 is now | Cumulative inflation |
|---|---|---|---|
| 2003 | 0.9% | 192.21 | 92.2% |
| 2004 | -0.4% | 188.60 | 88.6% |
| 2005 | 0.5% | 191.76 | 91.8% |
| 2006 | 3.2% | 186.52 | 86.5% |
| 2007 | 2.3% | 184.21 | 84.2% |
| 2008 | 8.3% | 169.82 | 69.8% |
| 2009 | -0.7% | 166.84 | 66.8% |
| 2010 | 1.5% | 167.33 | 67.3% |
| 2011 | 3.9% | 162.32 | 62.3% |
| 2012 | 3.3% | 157.31 | 57.3% |
| 2013 | 2.8% | 151.57 | 51.6% |
| 2014 | -0.3% | 150.17 | 50.2% |
| 2015 | -0.3% | 152.03 | 52.0% |
| 2016 | -0.2% | 151.75 | 51.7% |
| 2017 | 1.4% | 150.81 | 50.8% |
| 2018 | 1.5% | 148.77 | 48.8% |
| 2019 | 0.8% | 147.04 | 47.0% |
| 2020 | 1.2% | 146.13 | 46.1% |
| 2021 | 3.2% | 143.41 | 43.4% |
| 2022 | 14.2% | 134.47 | 34.5% |
| 2023 | 9.4% | 114.85 | 14.9% |
| 2024 | 3.5% | 111.27 | 11.3% |
| 2025 | 4.1% | 106.06 | 6.1% |
A short history of inflation in North Macedonia
The Yugoslav Hyperinflation (1991 to 1994)
North Macedonia became independent in 1991 carrying the inflation of the disintegrating Yugoslav federation, whose money supply was expanding to fund war and to support enterprises that had stopped earning. The denar was introduced in 1992 and inflation ran into the hundreds of per cent before a stabilisation programme brought it under control by 1995.
The Deutsche Mark Peg (1995 onwards)
What has held it down since is the exchange rate. The denar has been kept effectively fixed to the Deutsche Mark and then the euro for three decades, which imports the European Central Bank's discipline into a small open economy that trades mostly with the euro area. The cost is the usual one: no ability to set interest rates for domestic conditions.
Post-Covid Inflation (2021 to 2023)
In North Macedonia, prices rose fastest in October 2022, at 19.8%. The causes of the post-Covid inflation were global in nature, beginning with the lockdowns: factories and ports closed and the shipping between them fell out of sequence, so goods took longer to make and longer to arrive. Governments had spent heavily supporting household incomes through those closures, so when restrictions lifted there was money waiting to be spent and not enough on the shelves to spend it on. Then in February 2022 Russia invaded Ukraine, disrupting two of the world's largest suppliers of wheat, fertiliser, oil and gas at once, and the cost of everything grown, heated or transported rose with them.
Because the causes were shared, so was the timing: most countries peaked within a few months of one another in late 2022. The major inflation events covers this episode and the others in more detail.
Common questions about inflation in North Macedonia
What is the current inflation rate in North Macedonia?
Prices in North Macedonia rose 2.6% in the year to August 2026. That is up from 2.3% a month earlier.
What would den100 in January 2002 be worth today?
den100.00 in January 2002 has the same buying power as den192.92 in August 2026, a rise of 92.9%.
What would den100 in January 2010 be worth today?
den100.00 in January 2010 has the same buying power as den167.33 in August 2026, a rise of 67.3%.
What would den100 in January 2020 be worth today?
den100.00 in January 2020 has the same buying power as den146.13 in August 2026, a rise of 46.1%.
What is North Macedonia's inflation target?
North Macedonia targets 2%. The latest reading of 2.6% is running 0.6 points above it.
How inflation in North Macedonia is measured
The figures on this page come from the IMF's CPI dataset, with the original data from the State Statistical Office of North Macedonia. The series is indexed so that a chosen base year equals 100, and the calculator works out the ratio between any two dates you pick.
The currency shown is the Macedonian denar (den). Coverage runs from January 2002 to August 2026, and updates automatically as each new release is published. Figures for the most recent periods can be revised by the statistics office after first publication.
Use this data
Click the reference to select it.
Compare Inflation. “Inflation in North Macedonia.” Figures for August 2026. https://compareinflation.com/inflation-in-north-macedonia/
Download the full series (CSV) — 296 months, January 2002 to August 2026, with the annual rate for each.