FX.co ★ North Macedonia Inflation Falls to Lowest in 9 Months

North Macedonia’s annual inflation rate eased to 3.2% in January 2026, down from 4.1% in December, marking the lowest level since April 2025. The slowdown was driven by more moderate price increases for food and non-alcoholic beverages (5.2% vs 5.3% in December), clothing and footwear (1.2% vs 2.2%), furnishings, household equipment and routine maintenance (5.8% vs 6.3%), communication (2% vs 2.2%), recreation and culture (4.3% vs 6.3%), and miscellaneous goods and services (1% vs 3.2%). Transport costs also declined by 6.5%, following a 2.2% increase in the previous month. By contrast, prices accelerated for housing and utilities (3.0% vs 2.0%) and for restaurants and hotels (4.8% vs 4.7%). On a monthly basis, consumer prices fell by 0.7% in January, after rising 0.4% in December.