North Macedonia posted average annual inflation of 13% in April, slowing by 1.7 percentage points (pp) from a month earlier (chart), statistics office data showed on May 8.
However, on a monthly basis, the consumer price index (CPI) went up 0.7% in April after moving down 0.1% in March.
The slowdown in inflation started last November. Economy Minister Kreshnik Bekteshi says that the slowdown is due to the government measures to cap prices on basic food products and expects the inflation to drop below 10% in June.
In April, the biggest annual price increase was registered in the group of hotels and restaurants, of 19.4%, followed by prices of food and beverages (16.5%), furnishings and household equipment (16.2%), as well as housing, water, electricity, gas and other fuels (15.1%).
The retail price index increased by 10.1% y/y and grew by 1.4% on a monthly basis in the fourth month of the year.
In the first four months, inflation was 15.3%.
The International Monetary Fund forecasts North Macedonia to post an average annual inflation of 9.2% this year that will slow down to 3.5% in 2024.
In 2022, the average inflation was 14.2%, up from just 3.2% in 2021.