Skopje, 8 May 2023 (MIA) – The measures are showing results, North Macedonia is the cheapest country in the region in the area of prices of food and oil derivatives, where we had influence based on various measures, said Minister of Economy Kreshnik Bekteshi at a press conference Monday, adding that the inflation dropped by 13 percent in April, while compared to October, when the price shock began, inflation has decreased by almost 7 percent.

Bekteshi said he believes the downward trend of inflation will continue, and if nothing unpredictable happens, the Minister said he expects that the inflation will be under five percent in June.

“Even though from October until March, the difference in retail prices of food and non-alcoholic beverages was around two percent, compared to just March and April of 2023, the drop is almost more than double compared to other months. In just one month we have a reduction of 5.2 percent in living expenses for food and non-alcoholic beverages,” said Bekteshi.

The Ministry of Economy, said Bekteshi, is monitoring wholesale and retail prices on a daily basis, and hasn’t scrapped a single measure assisting businesses.

Regarding the prices of food products, Bekteshi said that the Economy Ministry will continue to hold consultations with all economic chambers, the Consumers Organization and all relevant parties in the area of designing new support measures, especially for the most vulnerable categories of citizens.

“Food prices have dropped by 14.7 percent just in the period from October 2022 to April 2023, which is a larger reduction than the increase of wages in this period in our country,” said Bekteshi.

According to the Minister, there is room for additional reduction of the prices of raw materials and energy prices, and the Government, he said, is beginning a consultations process concerning the creation of new measures aimed at helping the most vulnerable categories of citizens.