Maps: Which countries have the highest inflation rate?
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Inflation will rise almost everywhere in 2022.
Geopolitical tensions drive up energy costs, while supply-side disruptions distort consumer prices as well. The end result is that nearly half of the countries around the world are experiencing inflation rates of double digits or higher.
With new macroeconomic forces shaping the global economy, the chart above shows the countries with the highest rates of inflation, using data from Trading economics.
Double-digit inflation in 2022
As the table below shows, there are countless countries that are navigating record levels of inflation. Some even face triple rates of inflation. Globally, Zimbabwe, Lebanon and Venezuela have the highest rates in the world.
| Country | Inflation rate on an annual basis | Date |
|---|---|---|
| 🇿🇼 Zimbabwe | 269.0% | October 2022 |
| 🇱🇧 Lebanon | 162.0% | September 2022 |
| 🇻🇪 Venezuela | 156.0% | October 2022 |
| 🇸🇾 Syria | 139.0% | August 2022 |
| 🇸🇩 Sudan | 103.0% | October 2022 |
| 🇦🇷 Argentina | 88.0% | October 2022 |
| 🇹🇷 Turkey | 85.5% | October 2022 |
| 🇱🇰 Sri Lanka | 66.0% | October 2022 |
| 🇮🇷 Iran | 52.2% | August 2022 |
| 🇸🇷 Suriname | 41.4% | September 2022 |
| 🇬🇭 Ghana | 40.4% | October 2022 |
| 🇨🇺 Cuba | 37.2% | September 2022 |
| 🇱🇦 Laos | 36.8% | October 2022 |
| 🇲🇩 Moldova | 34.6% | October 2022 |
| 🇪🇹 Ethiopia | 31.7% | October 2022 |
| 🇷🇼 Rwanda | 31.0% | October 2022 |
| 🇭🇹 Haiti | 30.5% | July 2022 |
| 🇸🇱 Sierra Leone | 29.1% | September 2022 |
| 🇵🇰 Pakistan | 26.6% | October 2022 |
| 🇺🇦 Ukraine | 26.6% | October 2022 |
| 🇲🇼 Malawi | 25.9% | September 2022 |
| 🇱🇹 Lithuania | 23.6% | October 2022 |
| 🇪🇪 Estonia | 22.5% | October 2022 |
| 🇧🇮 Burundi | 22.1% | October 2022 |
| 🇸🇹 Sao Tome and Principe | 21.9% | September 2022 |
| 🇱🇻 Latvia | 21.8% | October 2022 |
| 🇭🇺 Hungary | 21.1% | October 2022 |
| 🇳🇬 Nigeria | 21.1% | October 2022 |
| 🇲🇰 Macedonia | 19.8% | October 2022 |
| 🇲🇲 Myanmar | 19.4% | June 2022 |
| 🇰🇿 Kazakhstan | 18.8% | October 2022 |
| 🇵🇱 Poland | 17.9% | October 2022 |
| 🇧🇬 Bulgaria | 17.6% | October 2022 |
| 🇹🇲 Turkmenistan | 17.5% | December 2021 |
| 🇧🇦 Bosnia and Herzegovina | 17.3% | September 2022 |
| 🇲🇪 Montenegro | 16.8% | October 2022 |
| 🇦🇴 Angola | 16.7% | October 2022 |
| 🇧🇫 Burkina Faso | 16.5% | September 2022 |
| 🇪🇬 Egypt | 16.2% | October 2022 |
| 🇰🇲 Comoros | 15.9% | September 2022 |
| 🇰🇬 Kyrgyzstan | 15.4% | October 2022 |
| 🇷🇴 Romania | 15.3% | October 2022 |
| 🇧🇾 Belarus | 15.2% | October 2022 |
| 🇨🇿 Czech Republic | 15.1% | October 2022 |
| 🇷🇸 Serbia | 15.0% | October 2022 |
| 🇸🇰 Slovakia | 14.9% | October 2022 |
| 🇲🇳 Mongolia | 14.5% | October 2022 |
| 🇳🇱 Netherlands | 14.3% | October 2022 |
| 🇦🇿 Azerbaijan | 13.7% | October 2022 |
| 🇦🇫 Afghanistan | 13.6% | September 2022 |
| 🇬🇲 Gambia | 13.3% | September 2022 |
| 🇭🇷 Croatia | 13.2% | October 2022 |
| 🇧🇼 Botswana | 13.1% | October 2022 |
| 🇸🇳 Senegal | 13.0% | October 2022 |
| 🇨🇱 Chile | 12.8% | October 2022 |
| 🇽🇰 Kosovo | 12.7% | October 2022 |
| 🇷🇺 Russia | 12.6% | October 2022 |
| 🇬🇳 Guinea | 12.4% | July 2022 |
| 🇧🇪 Belgium | 12.3% | October 2022 |
| 🇨🇴 Colombia | 12.2% | October 2022 |
| 🇺🇿 Uzbekistan | 12.2% | October 2022 |
| 🇨🇬 Congo | 12.2% | October 2022 |
| 🇳🇮 Nicaragua | 12.2% | October 2022 |
| 🇰🇾 Cayman Islands | 12.1% | June 2022 |
| 🇲🇺 Mauritius | 11.9% | October 2022 |
| 🇲🇿 Mozambique | 11.8% | October 2022 |
| 🇮🇹 Italy | 11.8% | October 2022 |
| 🇲🇱 Mali | 11.3% | September 2022 |
| 🇲🇷 Mauritania | 11.3% | September 2022 |
| 🇬🇧 United Kingdom | 11.1% | October 2022 |
| 🇦🇹 Austria | 11.0% | October 2022 |
| 🇸🇪 Sweden | 10.9% | October 2022 |
| 🇺🇬 Uganda | 10.7% | October 2022 |
| 🇬🇪 Georgia | 10.6% | October 2022 |
| 🇩🇪 Germany | 10.4% | October 2022 |
| 🇭🇳 Honduras | 10.2% | October 2022 |
| 🇩🇰 Denmark | 10.1% | October 2022 |
| 🇵🇹 Portugal | 10.1% | October 2022 |
| 🇯🇲 Jamaica | 9.9% | October 2022 |
| 🇸🇮 Slovenia | 9.9% | October 2022 |
| 🇬🇹 Guatemala | 9.7% | October 2022 |
| 🇿🇲 Zambia | 9.7% | October 2022 |
| 🇰🇪 Kenya | 9.6% | October 2022 |
| 🇦🇲 Armenia | 9.5% | October 2022 |
| 🇮🇸 Iceland | 9.4% | October 2022 |
| 🇲🇬 Madagascar | 9.3% | August 2022 |
| 🇮🇪 Ireland | 9.2% | October 2022 |
| 🇱🇸 Lesotho | 9.2% | September 2022 |
| 🇹🇳 Tunisia | 9.2% | October 2022 |
| 🇬🇷 Greece | 9.1% | October 2022 |
| 🇺🇾 Uruguay | 9.1% | October 2022 |
| 🇨🇷 Costa Rica | 9.0% | October 2022 |
| 🇧🇩 Bangladesh | 8.9% | October 2022 |
| 🇨🇾 Cyprus | 8.8% | October 2022 |
| 🇫🇴 Faroe Islands | 8.8% | September 2022 |
| 🇩🇿 Algeria | 8.7% | September 2022 |
| 🇳🇵 Nepal | 8.6% | September 2022 |
| 🇸🇧 Solomon Islands | 8.5% | August 2022 |
| 🇲🇽 Mexico | 8.4% | October 2022 |
| 🇬🇼 Guinea-Bissau | 8.4% | September 2022 |
| 🇦🇱 Albania | 8.3% | October 2022 |
| 🇧🇧 Barbados | 8.3% | August 2022 |
| 🇫🇮 Finland | 8.3% | October 2022 |
| 🇲🇦 Morocco | 8.3% | September 2022 |
| 🇵🇪 Peru | 8.3% | October 2022 |
| 🇩🇴 Dominican Republic | 8.2% | October 2022 |
| 🇨🇻 Cape Verde | 8.2% | October 2022 |
| 🇵🇾 Paraguay | 8.1% | October 2022 |
| 🇹🇱 East Timor | 7.9% | September 2022 |
| 🇹🇬 Togo | 7.9% | September 2022 |
| 🇵🇭 Philippines | 7.7% | October 2022 |
| 🇺🇸 United States | 7.7% | October 2022 |
| 🇨🇲 Cameroon | 7.6% | September 2022 |
| 🇳🇴 Norway | 7.5% | October 2022 |
| 🇸🇬 Singapore | 7.5% | September 2022 |
| 🇿🇦 South Africa | 7.5% | September 2022 |
| 🇸🇻 El Salvador | 7.5% | October 2022 |
| 🇲🇹 Malta | 7.4% | October 2022 |
| 🇦🇺 Australia | 7.3% | September 2022 |
| 🇪🇸 Spain | 7.3% | October 2022 |
| 🇹🇩 Chad | 7.2% | September 2022 |
| 🇳🇿 New Zealand | 7.2% | September 2022 |
| 🇧🇿 plz | 7.1% | September 2022 |
| 🇳🇦 Namibia | 7.1% | October 2022 |
| 🇦🇼 Aruba | 7.0% | September 2022 |
| 🇨🇦 Canada | 6.9% | October 2022 |
| 🇱🇺 Luxembourg | 6.9% | October 2022 |
| 🇸🇴 Somalia | 6.9% | October 2022 |
| 🇮🇳 India | 6.8% | October 2022 |
| 🇦🇪 United Arab Emirates | 6.8% | June 2022 |
| 🇬🇾 Guyana | 6.5% | September 2022 |
| 🇱🇷 Liberia | 6.5% | July 2022 |
| 🇧🇷 Brazil | 6.5% | October 2022 |
| 🇧🇸 Bahamas | 6.3% | August 2022 |
| 🇨🇮 Ivory Coast | 6.3% | September 2022 |
| 🇹🇹 Trinidad and Tobago | 6.3% | August 2022 |
| 🇫🇷 France | 6.2% | October 2022 |
| 🇩🇯 Djibouti | 6.1% | September 2022 |
| 🇵🇷 Puerto Rico | 6.1% | September 2022 |
| 🇧🇹 Bhutan | 6.1% | September 2022 |
| 🇧🇹 Qatar | 6.0% | September 2022 |
| 🇹🇭 Thailand | 6.0% | October 2022 |
| 🇸🇿 Swaziland | 5.8% | August 2022 |
| 🇮🇩 Indonesia | 5.7% | October 2022 |
| 🇰🇷 South Korea | 5.7% | October 2022 |
| 🇹🇯 Tajikistan | 5.7% | September 2022 |
| 🇵🇬 Papua New Guinea | 5.5% | June 2022 |
| 🇰🇭 Cambodia | 5.4% | July 2022 |
| 🇮🇶 Iraq | 5.3% | September 2022 |
| 🇯🇴 Jordan | 5.2% | October 2022 |
| 🇫🇯 Fiji | 5.1% | September 2022 |
| 🇮🇱 Israel | 5.1% | October 2022 |
| 🇳🇨 New Caledonia | 5.0% | September 2022 |
| 🇹🇿 Tanzania | 4.9% | October 2022 |
| 🇧🇲 Bermuda | 4.5% | July 2022 |
| 🇪🇷 Eritrea | 4.5% | December 2021 |
| 🇲🇾 Malaysia | 4.5% | September 2022 |
| Hong Kong | 4.4% | September 2022 |
| 🇵🇸 Palestine | 4.4% | October 2022 |
| 🇧🇳 Brunei | 4.3% | September 2022 |
| 🇱🇾 Libya | 4.3% | September 2022 |
| 🇻🇳 Vietnam | 4.3% | October 2022 |
| 🇪🇨 Ecuador | 4.0% | October 2022 |
| 🇧🇭 Bahrain | 4.0% | September 2022 |
| 🇯🇵 Japan | 3.7% | October 2022 |
| 🇰🇼 Kuwait | 3.2% | September 2022 |
| 🇳🇪 Niger | 3.2% | September 2022 |
| 🇲🇻 Maldives | 3.1% | September 2022 |
| 🇬🇦 Gabon | 3.0% | July 2022 |
| 🇱🇮 Liechtenstein | 3.0% | October 2022 |
| 🇸🇦 Saudi Arabia | 3.0% | October 2022 |
| 🇨🇭 Switzerland | 3.0% | October 2022 |
| 🇸🇨 Seychelles | 2.9% | October 2022 |
| 🇬🇶 Equatorial Guinea | 2.9% | December 2021 |
| 🇧🇴 Bolivia | 2.9% | October 2022 |
| 🇹🇼 Taiwan | 2.7% | October 2022 |
| 🇨🇫 Central African Republic | 2.7% | December 2021 |
| 🇻🇺 Vanuatu | 2.7% | March 2022 |
| 🇴🇲 Oman | 2.4% | September 2022 |
| 🇧🇯 Boys | 2.1% | October 2022 |
| 🇨🇳 China | 2.1% | October 2022 |
| 🇵🇦 Panama | 1.9% | September 2022 |
| 🇲🇴 Macau | 1.1% | September 2022 |
| 🇸🇸 South Sudan | -2.5% | August 2022 |
* Inflation rates based on the latest available data.
With mounting price pressures, 33 central banks Tracked by the Bank for International Settlements (of a total of 38) interest rate hikes this year. These coordinated price hikes are The largest in two decadeswhich marked the end of the era of ultra-low interest rates.
Going into 2023, central banks can continue this hawkish shift as inflation remains significantly high.
The role of energy prices
Spurred on by the war in Ukraine, energy inflation has pushed up the cost of living around the world.
Since October 2020, the global energy price index – made up of crude oil, natural gasCoal and propane – increased dramatically.
Compared to the 2021 average, natural gas prices in Europe have increased Six times. Real household electricity prices in Europe are up 78% and gas prices are up even more, by 144% compared to 20-year averages.
Amid global competition for LNG supplies, price pressures are likely to remain high, although they have eased recently. Other harmful consequences of an energy shock include price volatility, economic stress, and energy shortages.
“The world is in the midst of its first true global energy crisis, with effects that will be felt for years to come.”
Fatih Birol, Executive Director of the International Energy Agency
Double-digit inflation: Will it last?
If history is an example, dressage Rising prices It could take at least a few years yet.
Take, for example, sky-high inflation in the 1980s. Italy, which managed to fight inflation faster than most countries, brought inflation down from 22% in 1980 to 4% in 1986.
If global inflation rates, which are hovering around 9.8% In 2022, if that course is followed, it will take until at least 2025 for levels to reach the 2% target.
It should be noted that inflation has also been very volatile during this decade. Consider how inflation fell in much of the rich world by 1981 but rose again in 1987 amid rising energy prices. Federal Reserve Chairman Jerome Powell talked about the volatility of inflation at their meeting in November, noting that high inflation has a chance after a period of low inflation.
While the Fed expects the US inflation rate to fall closer to its 2% target by 2024, the road ahead could get bumpier between now and then.