North Macedonia’s annual inflation speeds up to 4.1% in October

North Macedonia’s annual inflation speeds up to 4.1% in October
By bne IntelliNews November 8, 2021

North Macedonia's average annual inflation accelerated by 0.4 percentage point from the previous month to 4.1% in October, statistics office data showed on November 8. In the first ten months of 2021, the average inflation was 2.9%.

The inflation started to increase rapidly since April this year and stabilised for a while only in June.

Month on month, the consumer price index (CPI) in North Macedonia ticked up by 0.5% in October, after edging down 0.1% in the previous month.

As in the previous months, transport costs increased the most year on year in October by 18.4%, followed by hotel and restaurant prices by 8% y/y. The prices of food and non-alcoholic drinks increased by 4.6%.

Only the prices in the communication and education sectors fell year on year in the tenth month of the year by 0.9% and 0.3%, respectively.

The retail price index went up by 6.1% y/y and was flat on a monthly basis in October.

The government expects the inflation rate to stabilise at 2.4% in 2022.

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