马其顿蓝筹股指数 (MBI10) 加自选

北马其顿的年通货膨胀率从上个月的4.4%攀升至2025年1月的4.9%，为2023年9月以来的最高水平。这一增长主要是由于运输成本急剧上升（5.7%对12月的1.6%），以及住房、水、电、天然气和其他燃料价格上涨（1.4%对0.6%）。家具、家用设备和日常维护（3.6%对2.7%）以及杂项商品和服务（5.9%对4.2%）的通货膨胀也在加速。按月计算，1月份消费者价格小幅上涨0.2%，而前一个月上涨0.3%。

North Macedonia’s annual inflation rate climbed to 4.9% in January 2025, up from 4.4% in the previous month, marking the highest level since September 2023. The increase was primarily driven by a sharp rise in transport costs (5.7% vs. 1.6% in December), along with higher prices for housing, water, electricity, gas, and other fuels (1.4% vs. 0.6%). Inflation also accelerated for furnishings, household equipment, and routine maintenance (3.6% vs. 2.7%) and miscellaneous goods and services (5.9% vs. 4.2%). On a monthly basis, consumer prices edged up 0.2% in January, following a 0.3% increase in the prior month.

2024年12月，马其顿的年度生产者通胀率从上个月的5.5%上升到6.1%。这标志着生产者价格连续八个月上涨，达到2023年2月以来的最高水平。这主要是由于消费品价格上涨（11月为7.2%对6.3%），特别是耐用品（9.2%对6.2%）和非耐用品（7%对6.3%。与此同时，资本货物（11.4%对11.7%）和能源（12.9%对13.1%）的价格增长略有放缓。与此同时，除能源外的中间产品成本下降速度较慢（-7%对-7.7%）。在11月上涨0.6%之后，12月生产者价格指数环比上涨0.3%。2024年，生产者通胀率为1.5%。

The annual producer inflation in Macedonia increased to 6.1% in December 2024, up from 5.5% in the previous month. This marked the eight consecutive month of rising producer prices and the highest level since February 2023. This was mainly driven by higher prices for consumer goods (7.2% vs 6.3% in November), particularly durable goods (9.2% vs 6.2%) and non-durable goods (7% vs 6.3%). Meanwhile, price growth slowed marginally for capital goods (11.4% vs 11.7%) and energy (12.9% vs 13.1%). At the same time, costs dropped at a slower pace for intermediate goods excluding energy (-7% vs -7.7%). On a monthly basis, producer prices rose by 0.3% in December, following a 0.6% advance in November. In 2024, producer inflation stood at 1.5%.

2024年12月，北马其顿的贸易逆差从去年同期的3.29亿美元扩大到3.88亿美元。出口同比下降17.5%，至5.925亿美元，而进口则以6.3%的缓慢速度下降，至9.809亿美元。考虑到2024年全年，出口额同比下降6.4%，至84.2530亿美元，主要受矿物燃料、润滑油和相关材料（-21.2%）以及化学品和相关产品（-20.1%）销售额下降的影响。与此同时，进口下降0.7%，至119.696亿美元，主要原因是除燃料外不可食用的原油（-11.%）、矿物燃料、润滑油和相关材料（-10.2%）以及化学品和相关产品（-4.1%）的采购减少。然而，饮料和烟草（16.4%）、动植物油、脂肪和蜡（11.7%）以及机械和运输设备（8.5%）的采购速度加快。

North Macedonia’s trade deficit widened to $388 million in December 2024 from $329 million in the corresponding month of the previous year. Exports shrank 17.5% year-on-year to $592.5 million, while imports declined at a much softer pace of 6.3% to $980.9 million. Considering the whole period of 2024, exports decreased 6.4% compared to the same period a year earlier to $8,425.3 million, weighed down by lower sales of mineral fuels, lubricants and related materials (-21.2%) and chemicals and related products, n.e.s. (-20.1%). Meanwhile, imports declined at a slower 0.7% to $11,969.6 million, primarily due to reduced purchases of crude materials, inedible, except fuels (-11.%), mineral fuels, lubricants and related materials (-10.2%), and chemicals and related products, n.e.s. (-4.1%). However, purchases accelerated for beverages and tobacco (16.4%), animal and vegetable oils, fats and waxes (11.7%), and machinery and transport equipment (8.5%).

北马其顿共和国国家银行在2025年2月的会议上将国库券利率下调20个基点至5.35%，理由是通货膨胀和外汇储备的有利趋势，以及外部环境风险的增加。政策制定者对美中贸易战可能升级表示担忧，警告称这可能会加剧全球通胀压力，阻碍经济增长。在国内，官员们强调了与基础设施项目的进度和执行相关的风险。央行还强调，未来的任何政策举措都将得到衡量，审慎的宏观经济管理仍然是首要任务。

The National Bank of the Republic of North Macedonia cut the interest rate on treasury bills by 20bps to 5.35% during its February 2025 meeting, citing favorable trends in inflation and foreign exchange reserves, as well as heightened risks from the external environment. Policymakers voiced concerns about a potential escalation of the US-China trade war, warning it could fuel global inflationary pressures and hamper economic growth. Domestically, officials highlighted risks associated with the pace and execution of infrastructure projects. The central bank also emphasized that any future policy moves will be measured, with prudent macroeconomic management remaining a priority.