North Macedonia’s PPI growth accelerates further to 24.8% y/y in July
North Macedonia’s domestic industrial producer price index (PPI) soared by an annual 24.8% in July, speeding up from a 21.9% y/y increase in the previous month (chart), statistics office data indicated on August 29.
The annual growth was driven by the PPI increase in all sectors. The PPI has started to grow rapidly since February 2021. North Macedonia's average annual inflation accelerated up to 16% in July.
On a monthly basis, industrial producer index grew by 3.9% in the seventh month of 2022, accelerating from a 1.5% growth in the previous month.
Producer prices in utilities went up the most, by an annual 49% in July.
Prices in the key manufacturing sector rose by 21.2% y/y, while mining sector prices went up by 3.6% y/y.
In the first seven months the PPI was higher by 21.3%.
The latest GDP figures show that the eurozone contracted in the third quarter and looks like it will do the same in the last three months of the year, falling into a continent-wide recession.
Real wages are up in Russia, but thanks to inflation and subsidised mortgages, the middle classes are getting richer, while the poor are getting poorer.
Russia’s strong growth, driven by heavy military spending, has created growing inflationary pressure as the economy starts to overheat, the Bank of Finland institute for Emerging Economies (BOFIT) says in its weekly update.
In the most recent poll conducted by the Russian Public Opinion Research Center (VTsIOM), President Vladimir Putin's trust rating remained steady at 78.5%.
Ukraine’s leading investment bank Dragon Capital has cut its GDP forecast for Ukraine in 2024 in half to 4% y/y in anticipation of another year of war, The New Voice of Ukraine reported on December 7.
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