Top 10 Countries with the Highest Inflation Rates (Trading Economics Jan 2022) information. June. Inflation Rate - By Country - was last updated on Tuesday, July 12, 2022. Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used. U.S. inflation rate for 2019 was 1.81%, a 0.63% decline from 2018. Economists polled by Reuters had forecast the CPI would rise 1.1% and accelerating 8.8% year-on-year. While most countries saw a rise in their annual inflation rate during 2021 and 2022, some of the highest rates of increase have been in and housing. The case of Weimar Germany after World War I comes to mind. Here are the top 20 countries with the highest inflation rates in the world. Wp It recorded a 65000% inflation in 2018, which cooled to 19,910% in 2019, and 15,000% in 2020. Turkey has experienced high inflation for years, but it shot up in late 2021 as the government pursued unorthodox economic policies, such as cutting interest rates rather than raising them. Annualized, these families are facing inflation costs of $9,363, $8,686, and $8,429 over the next year, respectively. According to the IMF, the South American nations hyperinflation will remain at around 15,000% in 2021. International Monetary Fund (IMF) has already suggested that there will be significant inflation pressures around the world this year with developing economies being the worst hit. Researchers also calculated the year-over-year changes for the following CPI indexes: food and beverage, housing, apparel, transportation, and energy. Last modified on Wed 29 Jun 2022 08.21 EDT. Turkeys official inflation rate of 74% is the highest in the G20, and it's likely higher still in reality. Britains inflation rate has soared to the highest level since the early 1980s. Sudan: According to Reuters, Sudan's Central Bureau of Statistics reported the country's inflation at 258.40% in February 2022. This compares with 8.3% in the USA, 7.4% in Germany, 6.8% in Canada, 6.0% in Italy, 4.8% in France and 2.4% in Japan. Country. 0. 132. It should however be noted that Sudan's inflation rate is expected to reduce to 41.8% before end of 2022, according to projections by Statista. As a result, the real value of a dollar has been decreasing recently. 69.97. 0. This page provides values for Inflation Rate reported in several countries. Several of the biggest economies in Latin America and Africa are also recording double-digit inflation. As the chart shows, the UK currently has at 9% the highest reported rate of consumer price inflation in the G7, as measured by the annual change in the consumer prices index (CPI) between April 2021 and April 2022. The cost of food consumed at home rose 1%, posting the sixth straight monthly increase of at least 1%. 192. Soaring costs for fuel, food and rent caused inflation to hit a new 40-year high in June, placing further economic pressure on US households and likely assuring more interest rate hikes from the Federal Reserve. 1. Consumer prices soared 9.1% compared with a year earlier, the government said Wednesday, the biggest yearly After a record increase in gas and electricity bills in Highlighting the negative effects of inflation on Nigeria, Nigerias Inflation Rate Highest in The World 2022 World Bank . To determine the locations with the highest rates of inflation, researchers calculated the latest year-over-year percentage change in CPI for all items as defined by the BLS. The table was originally based on International Monetary Fund's World Economic Outlook databook from October 2021, unless otherwise indicated with more timely news articles. In the United States overall, the monthly inflation cost in March 2022 was highest within transportation ($255) and energy ($146). Samoa. IMF had projected inflation to reach 8.7% for 2022 in developing economies. Average food inflation costs were $62 and shelter inflation costs were $60. 11.40. Turkey. With rapidly climbing food, rent and gas prices, inflation is the highest it has been in four decades. Inflation in 2022 and its effect on dollar value $1 in 2021 is equivalent in purchasing power to about $1.08 today. Rates of inflation are calculated using the current Consumer Price Index published monthly by the Bureau of Labor Statistics ( BLS ). Country (or Territory) Inflation rate. The dollar had an average inflation rate of 8.58% in the last 12 months. The increase in inflation caused by the short-term effects of the pandemic is no longer a statistical anomaly. Inflation Roared in June, Hitting 40-Year High of 9.1%, Well Above Forecasts U.S. News & World Report on MSN.com|39 minutes ago Consumer prices surged in June at their highest pace in 40 years, increasing at an annual rate of 9.1% as gasoline and food prices drove inflation to record levels, the Bureau of Labor Statistics Inflation rate. 73.5. View as Slide Show Image These economies have the highest inflation rate in the world; this country tops with 222.30% in 2022 By CNBCTV18.com | Jun 13, 2022, 07:49 PM IST (Updated) Inflation is the rate of increase in the price of goods and services in an economy. March +8.5% +8 % United States. Jun/22. Finally, stir in a war in Ukraine that sent energy prices soaring. The increase in the U.S. inflation rate 3.58 percentage points between the third quarter of 2019 and the third quarter of 2021 was the third highest in the study group, behind only Brazil and Turkey, both of which have substantially higher inflation rates in general than the U.S. does. The country is now facing a cost of living crisis, Voil: the highest inflation rate in 40 years. Crisis-hit Venezuela has the highest hyperinflation out of any country in the world. The increases were broad-based: Rent, new and used vehicles, car insurance, and medical care Ethiopias inflation rate has always been high. Jun/22. As of April, the inflation rate for food stood at 41.9 percent. Russia. 1- Venezuela, 15,000%. What to watch: Food commodity prices are at a record high, The table of historical inflation rates displays annual rates from 1914 to 2022. See previous year ranking for the complete comparison. In the 12 months through June, the CPI jumped 9.1%. That was the biggest gain since November 1981 and followed an 8.6% rise in May. Its the fastest increase in prices since November 1981, and above what economists had expected. Football Icon Jayjay Okocha and Wife Celebrate 24 Years of Marital Bliss . In the first quarter of 2022, inflation averaged just below 8% the 13th-highest rate among the 44 countries examined. The rise is due to the spikes in prices of cooking oils and fats, non-alcoholic beverages, bread and cereals, fish With an inflation rate of 9,986%, Venezuela has the highest inflation rate in the world. This is lower than Venezuelas previous inflation rate of 14,291%. Potential causes of Venezuelas hyperinflation include heavy money printing and deficit spending. https://t.co/rX5qqyL3hA pic.twitter.com/LkWynuSIWM Of the major developed and emerging economies, China was the country with the lowest inflation rate in May 2022, with 2.1 percent (compared to the same month of the previous year). Rates of inflation in the United States are still increasing after hitting a 40-year high in January 2022. Sudan: According to Reuters, Sudan's Central Bureau of Statistics reported the country's inflation at 258.40% in February 2022.This makes Sudan the country with the highest inflation rate in Africa. Consumer prices rose by 9.1 percent year-on-year, the largest gain since 1981, data from the US Labour Department indicated on Wednesday. Inflation Rates Around the World. BLS data was last updated on June 10 and covers up to May 2022. Canadas consumer prices are rising twice as fast as before the pandemic. In the U.S., year-over-year inflation averaged about 2.3% a month between 1991-2019; it exceeded 5.0% only four times during this span. (consumer prices) (%) Date of. The next inflation update is set to happen on July 13. May/22. The Consumer Price Index for All Consumers (CPI-U) has increased by nearly 8% in a year. The table has current values for Inflation Rate, previous releases, historical highs and record lows, release frequency, reported unit and The Federal Reserve uses monetary policy to achieve its target rate of 2% inflation. The annual inflation rate in the United Kingdom hit 5.4 percent in December, the highest figure there in nearly 30 years. Instead, inflation is running rampant and increasing prices for American families and small businesses across the country. In January, the consumer price index increased by 7.5 percent on an annualized basis, a 40-year high. Kimberly Amadeo is an expert on U.S. and world economies and investing, with over 20 years of experience in economic analysis and business strategy. -3.000. Data from the Bureau of Labor Statistics (BLS) shows that the Consumer Price Index (CPI), which measures the change in prices paid by urban consumers for goods and services, increased 7.9% during the 12-month period that ended in February 2022. Among the countries studied, Turkey had by far the highest inflation rate in the first quarter of 2022: an eye-opening 54.8%. China +6 +4 +2. by John Waggoner, AARP, April 29, 2022. Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Surging prices for gas, food and rent catapulted U.S. inflation to a new four-decade peak in June, further pressuring households and likely sealing the case for another large interest rate hike by the Federal Reserve, with higher borrowing costs to follow. Zimbabwe. President Joe Biden criticised the latest data showing US inflation had last month reached a 40-year high and said the figure failed to account for the nearly 30 days of decreases in gas prices. (CBS News) Inflation hit a fresh 40-year record in June, with consumer prices increasing 9.1% over the last 12 months, the Labor Department said Wednesday. This makes Sudan the country with the highest inflation rate in Africa. While inflation at 7% is the highest in 40 years, meat prices have jumped 13% in just the last month, according to NeilsenIQ, helping to push Tysons quarterly earnings per share up 48%. John Tyson, then CEO of Tyson Foods, talks with employees and supervisors in the research and development kitchen at the headquarters in Springdale, Arkansas. The next highest is Argentina (+58%), which has been printing money to help cover its deficit. This page displays a table with actual values, consensus figures, forecasts, statistics and historical data charts for - Inflation Rate. Inflation in the United Kingdom hit a 40-year high in May, rising at a 9.1% annual rate. 1. Ethiopia inflation 2022. At the moment not all data is published for all countries for 2022 so yearly inflation rate is calculated for each year only up to the specified month, inclusive. %. As a result of the rise in labor costs, the consumer prices for the goods or services that labor produces or provides also increase. It should however be noted that Sudan's inflation rate is expected to reduce to 41.8% before end of 2022, according to projections by Statista. Rank. The following countries are the ones with the lowest inflation rates among countries that reported updated numbers in May 2022, according to tradingeconomics.com: 1- Hong Kong 1.2% 2- Bolivia 1.41% inflation is at its highest level in three decades. Purchasing power decreased by 8.58% in 2022 compared to 2021. Your personal inflation rate could be higher or lower than the governments figures.