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North Macedonia
Inflation Calculator in North Macedonia

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Data source:HICP Eurostat
Latest month of data:April 2026
Cumulative Inflation for 6 Years 4 Months
+47.7%
Average Inflation Rate
6.3%
Price Multiplier
1.48x
Loss of Buying Power
-32.3%

Report for: January 2020 — April 2026

The period is characterized by increased inflationary pressure and economic overheating. Average annual price growth of 6.3% significantly exceeds the norms of monetary stability. Such dynamics aggressively destroy savings: during the specified period, prices rose by 1.48 times, and the purchasing power of MKD collapsed to 68%.

Inflation Rate by Year

Inflation Adjusted Prices

Equivalent Value
What cost 100 MKD in 2020, would cost 148 MKD today. To maintain the same standard of living, income over 6 years should have grown by 1.48 times.
2020100 MKD
+47.7%
2026148 MKD

Value Adjusted for Inflation

Loss of Buying Power

Real Value
Since 2020, the purchasing power of 100 MKD has decreased to 68 MKD. The chart shows how MKD lost a total of 32.3% of its value over 6 years.
2020100 MKD
-32.3%
202668 MKD
-32%
Total Loss

Purchasing Power Over Time

Cumulative Inflation (%)

Historical Inflation Table

YearInflation (%)
20262.16%
20253.56%
20245.65%
20233.75%
202217.77%
20214.87%
20203.09%

Calculation Methodology

Calculations are based on HICP Eurostat. It is a consumer price index that measures the average change in prices for goods and services purchased by the population.

Price Multiplier

Price Multiplier shows how many times prices have increased. In macroeconomics, this baseline metric is known as the Price Index Ratio. It is derived directly from official CPI data and serves as the mathematical foundation for all other calculations on this page.

Formula:
Price Multiplier(K)=CPI2026CPI2020\text{Price Multiplier} (K) = \frac{\text{CPI}_{2026}}{\text{CPI}_{2020}}
Calculation:
103.59070.150=1.4767\frac{103.590}{70.150} = 1.4767
Cumulative Inflation

To calculate the cumulative inflation since 2020, we use the following formula:

Formula:
(K−1)×100=Cumulative(%)(K - 1) \times 100 = \text{Cumulative} (\%)
Calculation:
(1.4767−1)×100=47.7%(1.4767 - 1) \times 100 = 47.7\%
Average Inflation Rate

Shows the average annual price growth rate including compound interest (where each year's inflation is added to already increased prices). To calculate the average annual inflation for 6 years since 2020, we use the following formula:

Formula:
K1n−1=Average Inflation RateK^{\frac{1}{n}} - 1 = \text{Average Inflation Rate}
n — number of years (6)
Calculation:
(1.47671/6−1)×100=6.3%(1.4767^{1/6} - 1) \times 100 = 6.3\%
Loss of Buying Power

To find out what share of its real value savings in MKD have lost since 2020, we calculate the percentage drop in purchasing power. Loss of buying power is calculated as an inverse proportion to price growth:

Formula:
(1−1K)×100=Loss of Buying Power(%)\left( 1 - \frac{1}{K} \right) \times 100 = \text{Loss of Buying Power} (\%)
Calculation:
(1−11.4767)×100=32.3%\left( 1 - \frac{1}{1.4767} \right) \times 100 = 32.3\%
Equivalent Value

To calculate the equivalent value in terms of purchasing power in 2026, we multiply the initial value from 2020 by the price growth factor:

Formula:
Original Amount×K=Equivalent\text{Original Amount} \times K = \text{Equivalent}
Calculation:
100×1.4767=148 MKD100 \times 1.4767 = 148 \text{ MKD}

Citation & Data Usage

You can use the data in your articles. Link to the source:

"Inflation in North Macedonia (2020–2026)", InflationCompare, . Accessed 26 May 2026. Data source: HICP Eurostat.