Ukraine does not have a lower rate of inflation than North Macedonia, as the post claims. In August 2023, Ukraine and North Macedonia had similar inflation rates (8.3% in North Macedonia and 8.6% – in Ukraine). Nevertheless, the rate was lower in Macedonia. Since the beginning of the war up to date, not once has Ukraine had a lower rate of inflation than North Macedonia, writes Truthmeter.mk.
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We are fact-checking a post on the social network Facebook (screenshot here) claiming that Ukraine – although at war – has lower inflation than North Macedonia.
In Ukraine, which is at war with Russia, the inflation is lower than in the Northern one. The inflation in the Northern one, however, is due to the war in Ukraine. This is not about the “Turkey”, it is about us, specifies the post.
It is not true that the inflation rate in Ukraine is lower than the inflation rate in North Macedonia. That can easily be checked. If you visit the website Trading Economics, you can see the inflation rates per month, starting from 2023, for both North Macedonia and Ukraine.
For example, in August 2023, the inflation rate in Ukraine was 8.6 percent, while in North Macedonia 8.3. Looking at the previous months shows that not once has Ukraine had an inflation rate lower than North Macedonia in 2023.
The inflation rate in Ukraine was the highest in January 2023 – 26 percent, and the lowest in August 2023 – 8.6 percent.
Graph from the website “Trading Economics” showing the inflation in Ukraine
Graph from the website “Trading Economics” showing the inflation in Ukraine
The annual inflation rate in Ukraine decreased to 8.6 percent in August 2023 from 11.3 percent in July, returning to the pre-war levels, states Trading Economics.
The highest rate of inflation in North Macedonia, also in January 2023, was 17.1 percent, while the lowest was in August – 8.3 percent.
Graph from the website “Trading Economics” showing the inflation rates in North Macedonia
The annual inflation rate in North Macedonia additionally decreased to 8.3% in August 2023, which is the lowest since February 2022 from 8.4% the previous month, specifies Trading Economics.
If one looks at the inflation rates of both countries since the beginning of the Russian military aggression in Ukraine in February 2022, one will notice that Ukraine has never had a lower inflation rate than Macedonia.
Trading Economics outlook on inflation since the beginning of the Russian invasion of Ukraine
Trading Economics outlook on inflation in North Macedonia since the beginning of the Russian invasion of Ukraine
Hence, we can conclude that Ukraine does not have a lower inflation rate than North Macedonia as the post claims. In August 2023, Ukraine and North Macedonia had similar inflation rates (8.3% in North Macedonia and 8.6% – in Ukraine); nevertheless, it was lower in Macedonia. Since the beginning of the war up to date, not once did Ukraine have a lower inflation rate than North Macedonia. Therefore, we assess that the post fact-checked as not true.
