North Macedonia expects 2.5% inflation next year

(Patria) - North Macedonia experienced a significant slowdown in average annual inflation in October, which fell from 6.6% the previous month to 3.5%.

The Deputy Prime Minister of North Macedonia responsible for economic affairs, Fatmir Bytyqi, believes that the country will return to normal inflation rates next year, despite it being, as he says, a year of recovery from all the economic hardships that have occurred.

- The latest data show that the tendency and trend of inflation reduction no longer lead us where we were. We expect next year to be at the level of 2-2.5 percent inflation and the same annual GDP growth - said Bytyqi, responding to a journalist's question.

He emphasized that, despite next year having two election cycles - presidential and parliamentary, everything should be done to ensure they do not negatively affect the economy.

- I think we should skillfully use the months we have available so as not to negatively impact the economy and thus return the real lives of citizens to real growth rates - emphasizes Bytyqi.

The latest data vindicate the minister. North Macedonia experienced a significant slowdown in average annual inflation in October, which fell from 6.6% the previous month to 3.5%, according to data released by the statistical office these days.

This decrease in the annual inflation rate is in line with the trend that first appeared in November of the previous year, writes Poslovni dnevnik.

Among various expenditure categories, furniture and household equipment recorded the most significant annual price increase of 10.3%, followed by other goods and services at 9%, recreation and culture at 8.1%, and food and non-alcoholic beverages at 7.1%.

On an annual basis, prices of food and non-alcoholic beverages recorded a more modest increase of 1%. However, on a monthly basis, the consumer price index (CPI) showed a decrease of 1.5% in October, after a marginal decrease of 0.1% in September.