North Macedonia posted average annual inflation of 11.3% in May, slowing by 1.7 percentage points (pp) from a month earlier (chart), statistics office data indicated on June 7.
On a monthly basis, the consumer price index (CPI) egded up 0.4% in May after moving up 0.7% in April.
The slowdown in inflation started last November. According to the finance minister Fatmir Besimi, the slowdown is due to the government measures to cap prices on basic food products and expects the inflation to drop below 10% in June.
In May, the biggest annual price increase was registered in the group of hotels and restaurants, of 18.3%, followed by group of furnishings and household equipment (15.3%), prices of food and beverages (14.6%), as well as housing, water, electricity, gas and other fuels (14.4%).
The retail price index grew by 7.5% y/y but moved down by 0.9% on a monthly basis in the fifth month of the year.
In the first five months, inflation was 14.5%.
In 2022, the average inflation was 14.2%, up from just 3.2% in 2021.