September Inflation of 2.7 Percent Is the Lowest Among Neighbours, Ahead of Albania at 2.9 and Serbia at 4.1

The State Statistical Office (DZS) reported that annual inflation in September 2026 is 2.7 percent, while prices are unchanged compared with August. On October 12, at the start of construction of the Bukojchani–Kichevo section, Prime Minister Hristijan Mickoski said that inflation in the third quarter is 2.5 percent and in neighbouring countries 5 percent or higher. We compared those claims with the data of the statistical offices.

The statement. As carried by MIA, Mickoski said that GDP growth in the second quarter is 4.3 percent, that inflation averages 2.5 percent and that it is lower than the European average. We do not check the 4.3 percent growth here because we did not find a published DZS figure for it. We stay with inflation, where the data are public.

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North Macedonia. According to DZS, annual inflation is 2.3 percent in July, 2.6 in August and 2.7 in September. The average of the three months is about 2.5 percent (our calculation), which matches the prime minister’s claim. The trend is rising.

Neighbours in September. Albania 2.9 percent (INSTAT, 2.4 last year), Serbia 4.1 (Republic Statistical Office), Montenegro 5.2 (Monstat), Bulgaria 5.7 (according to Bulgarian media), Bosnia and Herzegovina 6.0 (Trading Economics) and Kosovo 7.8 percent (Kosovo Agency of Statistics). So North Macedonia has the lowest rate, and Albania is only 0.2 percentage points behind.

Third-quarter averages. Radio Lider published a table of averages on October 22: North Macedonia 2.5, Serbia 2.7, Albania 3.2, Montenegro 4.5, Bosnia and Herzegovina 5.0, Bulgaria 5.1 and Kosovo 7.2 percent. The Serbian average of 2.7 against the September rate of 4.1 shows that prices accelerated there toward the end of the quarter.

How accurate is “5 percent or higher”. Of the six neighbours, four (Montenegro, Bulgaria, Bosnia and Kosovo) have 5 percent or more in September. Serbia and Albania are lower, but higher than North Macedonia. So it is more precise to say that North Macedonia is the lowest, not that all neighbours are above 5 percent.

What households feel. The average hides differences. Food is 1.7 percent more expensive year on year, and the group of housing, water, electricity and fuel 3.7 percent (data analysed by Racin.mk). In September transport is 3.4 percent cheaper than in August, while furniture and household appliances are 1.3 percent more expensive. The union consumer basket for a family of four is 69,432 denars, 4,355 denars or 6.7 percent more than last year.

Wages. The average net wage in July is 48,499 denars, 7.1 percent higher in nominal terms year on year. With inflation of 2.3 percent in July that means real growth of about 4.7 percent (our calculation). That is an average, not every salary, and the wage and basket measures are not fully comparable.

Conclusion. The claim that inflation is the lowest in the region is confirmed by both the September data and the quarterly averages. Still, a low overall rate does not mean that all costs grow slowly, and the biggest gap is seen in housing bills.

What to follow. DZS publishes October inflation in early November. The question is whether the three-month trend from 2.3 to 2.7 percent continues and what fuel and electricity prices will be in winter.

MKNews Hub · Macedonia · November 2, 2026