Infographic: The Countries With the Highest Inflation Rates (2024)

FAQs

What countries have the highest inflation rates? ›

The OECD forecasts showed Britain's annual rate of consumer price growth was likely to be the highest among G7 countries, both this year and next.

As the labor market tightened during 2021 and 2022, core inflation rose as the ratio of job vacancies to unemployment increased. This ratio is used to measure wage pressures that then pass through to the prices for goods and services. As workers bargain for better pay, firms begin to increase prices.

The U.K. will be the worst performing G7 economy next year as high interest rates and restrictive fiscal policy hampers medium to long-term economic growth, the Organisation for Economic Cooperation and Development (OECD) has predicted.

The United States is the undisputed heavyweight when it comes to the economies of the world. America's gross domestic product in 2022 was more than 40% greater than that of China, the world No. 2. Even more striking, U.S. GDP was over five times that of the next two largest economies, Japan and Germany.

What is Canada's inflation rate? ›

Canada Inflation Rate is at 2.90%, compared to 2.78% last month and 4.30% last year. This is lower than the long term average of 3.15%.

Nominal wages rose in response to a tight labour market and government pressure — further feeding inflation. The Japanese consumer price index has increased by more than 6 per cent between October 2021 and September 2023. Unfortunately, consumer price rises have exceeded nominal wage hikes.

Between the end of 1945 and July 1946, Hungary went through the highest inflation ever recorded. In 1944, the highest banknote value was 1,000 P. By the end of 1945, it was 10,000,000 P, and the highest value in mid-1946 was 100,000,000,000,000,000,000 P (10²⁰ pengő).

Oil price and global demand shocks led the surge in global inflation between mid-2020 and mid-2022, as well as the disinflation since mid-2022. Evolution of the drivers of global inflation. Over time, the role of global demand shocks and oil price shocks has grown and that of global supply shocks has receded.

US Inflation Rate is at 3.48%, compared to 3.15% last month and 4.98% last year. This is higher than the long term average of 3.28%.

Inflation in Europe looked worse than in the U.S. as the two regions were on different inflationary cycles. As illustrated in the chart below, U.S. inflation peaked before European counterparts and further, the peak was lower.

World's Lowest Inflation Rates

Many of the lowest inflation rates around the world are located in Asia, including Macau, China, Hong Kong, and Taiwan. In this region, widespread lockdowns strained growth and consumer spending, lessening inflationary pressures.

US Inflation Rate (I:USIR)

US Inflation Rate is at 3.48%, compared to 3.15% last month and 4.98% last year. This is higher than the long term average of 3.28%. The US Inflation Rate is the percentage in which a chosen basket of goods and services purchased in the US increases in price over a year.

Florida is saddled with the nation's highest inflation at about 4% while Pennsylvania has the lowest at about 1.8%, according to an analysis of index data by Moody's Analytics that's based on a three-month moving average.