North Macedonia’s annual inflation eases to 3.5% in October
North Macedonia experienced a notable deceleration in its average annual inflation in October, which dropped from 6.6% the previous month to 3.5% (chart), according to data released by the statistics office on November 7.
This decline in the annual inflation rate aligns with a trend that first emerged in November of the preceding year.
Among the various expenditure categories, furnishings and household equipment saw the most significant annual price surge at 10.3%, followed by other goods and services at 9%, recreation and culture at 8.1%, and food and non-alcoholic beverages at 7.1%.
On a year-on-year basis, prices for food and non-alcoholic beverages experienced a more modest 1% increase.
However, on a monthly basis, the Consumer Price Index (CPI) showed a decline of 1.5% in October, following a marginal decrease of 0.1% in September.
Notably, food and non-alcoholic beverages experienced the most substantial month-on-month price reduction at 3.8%, primarily due to government measures implementing guaranteed prices for essential food items.
The retail price index saw a year-on-year increase of 3.4% and a monthly decrease of 0.6% in October.
In the first ten months of 2023, the overall inflation rate stood at 10.7%.
Looking ahead, the finance ministry aims to bring inflation down to approximately 5% in the coming year, signaling a steadfast commitment to maintaining price stability.
Comparatively, in 2022, average inflation was markedly higher at 14.2%, a notable increase from the 3.2% recorded in 2021.
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Czech industrial production increased by 1.9% year on year and by 2.8% month on month in October. The October increase follows a 5% slump registered in September, which alarmed local analysts.
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