June 15 (SeeNews) - North Macedonia's government said it has decided to cap margins on sales of some basic food products by the end of September in a bid to stifle inflation.
The government is limiting margins on both wholesale and retail sales of bread, sugar and sunflower oil at 5%, whereas margins on sales of flour, macaroni and spaghetti made of durum wheat, locally produced white rice, milk and eggs are set at 10%, it said in a press release on Tuesday.
The regulation will be in force from June 15 to September 30, the government said, noting that the measure can be extended by the end of the year depending on the market conditions.
North Macedonia's average annual consumer price inflation accelerated to 11.9% in May from 10.5% in April. In May, the country's central bank raised its average inflation forecast for 2022 to 8.8% from the previously expected 2.4%, reflecting the rising global prices of primary products and disruptions in global supply chains.