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North Macedonia
Inflation in North Macedonia: 2004 – 2026

Since 20201 Year5 Years10 Years15 Years20 YearsAll
Start
End
Data source:HICP Eurostat
Latest month of data:May 2026
Cumulative Inflation for 21 Years 6 Months
+94.0%
Average Inflation Rate
3.1%
Price Multiplier
1.94x
Loss of Buying Power
-48.5%
inflationcompare.com

Report for: December 2004 — May 2026

Moderate (creeping) inflation was recorded with an average annual rate of 3.1%. This is the standard operating mode for most economies, stimulating consumption. However, over time, this rate leads to a logical erosion of capital: the total cost of living increased by 1.94 times, reducing the real value of MKD to 52%.

Inflation Rate by Year

Inflation Adjusted Prices

Equivalent Value
What cost 100 MKD in 2004, would cost 194 MKD today. To maintain the same standard of living, income over 21 years should have grown by 1.94 times.
2004100 MKD
+94.0%
2026194 MKD

Value Adjusted for Inflation

Loss of Buying Power

Real Value
Since 2004, the purchasing power of 100 MKD has decreased to 52 MKD. The chart shows how MKD lost a total of 48.5% of its value over 21 years.
2004100 MKD
-48.5%
202652 MKD
-48%
Total Loss

Purchasing Power Over Time

Cumulative Inflation (%)

Historical Inflation Table

YearInflation (%)
20262.95%
20253.56%
20245.65%
20233.75%
202217.77%
20214.87%
20203.09%
2019-0.18%
20181.55%
20173.47%
20160.18%
2015-0.34%
2014-0.24%
20131.90%
20122.86%
20112.10%
20102.33%
2009-1.08%
20084.92%
20075.27%
20063.39%
20050.91%
20040.00%

Related Countries

Greece
Greece
Serbia
Serbia
Albania
Albania

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)=CPI2026CPI2004\text{Price Multiplier} (K) = \frac{\text{CPI}_{2026}}{\text{CPI}_{2004}}
Calculation:
104.39053.800=1.9403\frac{104.390}{53.800} = 1.9403
Cumulative Inflation

To calculate the cumulative inflation since 2004, we use the following formula:

Formula:
(K−1)×100=Cumulative(%)(K - 1) \times 100 = \text{Cumulative} (\%)
Calculation:
(1.9403−1)×100=94.0%(1.9403 - 1) \times 100 = 94.0\%
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 21 years since 2004, we use the following formula:

Formula:
K1n−1=Average Inflation RateK^{\frac{1}{n}} - 1 = \text{Average Inflation Rate}
n — number of years (21)
Calculation:
(1.94031/21−1)×100=3.1%(1.9403^{1/21} - 1) \times 100 = 3.1\%
Loss of Buying Power

To find out what share of its real value savings in MKD have lost since 2004, 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:
(1−11.9403)×100=48.5%\left( 1 - \frac{1}{1.9403} \right) \times 100 = 48.5\%
Equivalent Value

To calculate the equivalent value in terms of purchasing power in 2026, we multiply the initial value from 2004 by the price growth factor:

Formula:
Original Amount×K=Equivalent\text{Original Amount} \times K = \text{Equivalent}
Calculation:
100×1.9403=194 MKD100 \times 1.9403 = 194 \text{ MKD}

Citation & Data Usage

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

"Inflation in North Macedonia (2004–2026)", InflationCompare, . Accessed 18 July 2026. Data source: HICP Eurostat.
Inflation in North Macedonia (2004–2026)