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%.