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It’s not just the United States that is suffering from high inflation, countries worldwide are experiencing higher than average inflation. This is partially due to the global pandemic but even more the result of the actions taken by central banks in response to the pandemic. In this article, we will look at global inflation rates by country and inflation around the world.
The World Inflation Rate
The average inflation rate around the world is 7.4%. The global inflation rate surged from 4.35% in 2021, and 3.18% in 2020.
Jump to:
- Countries with the Highest Inflation Rates
- Countries with Hyperinflation
- Russian Inflation
- Inflation in Europe
- EU Inflation Rate
- Inflation in China
- African Inflation Rate by Country
Countries with the Highest Inflation Rates
The top countries with the highest inflation are the typical group of suspects. The top ten have suffered from hyperinflation consistently even when the rest of the world had very low inflation rates. As of this writing, Sudan is the country with the highest inflation rate in the world at 260%. But we have to remember that these are the “official inflation rates” the actual real-life inflation experienced by consumers could easily be much higher or even double the official rate. The country with the second-worst inflation rate in the world should also be no surprise… Venezuela. Apparently, as we projected the Venezuelan foray into cryptocurrency didn’t solve their inflation problem. Number 3 is Lebanon which is also suffering a repeat performance of hyperinflation. Syria has the 4th highest inflation in the world and we wrote about its hyperinflation back in 2013. Number 5 is Zimbabwe which has suffered from the worst hyperinflation off and on this entire millennium. Although it is well below the 2.2 million percent that it once was.
Back in February, we wrote about the Massive Gap Between Official Turkish Inflation and Reality. We have to remember that as Milton Friedman once said, “inflation is always and everywhere a monetary phenomenon”
although below 10% inflation the relationship is weaker. But governments consistently want to blame anything else besides their misguided monetary policies for the advent of hyperinflation in their country.
Countries with Hyperinflation
Although it is difficult to say at what point high inflation becomes “hyperinflation” we have listed the top 10 inflation countries as “countries with hyperinflation in 2022”. These countries all have inflation rates above 30%.
| Country | Inflation Rate | Reference Date |
| Sudan | 260% | January 2022 |
| Venezuela | 222% | April 2022 |
| Lebanon | 206% | April 2022 |
| Syria | 139% | April 2022 |
| Zimbabwe | 96.4% | April 2022 |
| Turkey | 69.97% | April 2022 |
| Suriname | 61.5% | January 2022 |
| Argentina | 58% | April 2022 |
| Ethiopia | 36.6% | April 2022 |
| Iran | 35.6% | April 2022 |
The second tier of high inflation countries includes Russia which shouldn’t be a surprise since countries typically experience high inflation during times of war since they tend to print money to finance their conquests. But these inflation numbers are from April so we can expect Russia to move up the inflation ladder in the weeks and months ahead as Sanctions against Russia have a greater effect.
| Country | Inflation Rate | Reference Date |
| Sri Lanka | 29.8% | April 2022 |
| Moldova | 27.1% | April 2022 |
| Angola | 25.79% | April 2022 |
| Haiti | 23.95% | January 2022 |
| Ghana | 23.6% | April 2022 |
| Cuba | 23.3% | January 2022 |
| Estonia | 18.8% | January 2022 |
| Russia | 17.8% | April 2022 |
| Sierra Leone | 17.59% | February 2022 |
| Nigeria | 16.82% | April 2022 |
Inflation in Europe
European inflation has been on the upswing like most of the rest of the world in 2022. The worst European inflation occurred in (as we’ve already mentioned) Turkey, Moldova, Estonia, and Russia. Although Lichtenstein appears last on this list, it is important to note that its numbers are from December, when the whole world had lower inflation rates. It is also interesting to note that in April Great Britain aka. the United Kingdom at 9% has a higher annual inflation rate than the United States at 8.3%. Due to its strict fiscal monetary stance, the Swiss inflation rate is still its typical 2.5% however.
| Country | Inflation Rate | Reference Date |
|---|---|---|
| Turkey | 69.97% | Apr/22 |
| Moldova | 27.1% | Apr/22 |
| Estonia | 18.8% | Apr/22 |
| Russia | 17.8% | Apr/22 |
| Belarus | 16.8% | Apr/22 |
| Lithuania | 16.8% | Apr/22 |
| Ukraine | 16.4% | Apr/22 |
| Bulgaria | 14.4% | Apr/22 |
| Czech Republic | 14.2% | Apr/22 |
| Romania | 13.76% | Apr/22 |
| Latvia | 13% | Apr/22 |
| Poland | 12.4% | Apr/22 |
| Slovakia | 11.8% | Apr/22 |
| Kosovo | 11.2% | Apr/22 |
| Montenegro | 11.2% | Apr/22 |
| Macedonia | 10.5% | Apr/22 |
| Bosnia and Herzegovina | 10.2% | Mar/22 |
| Greece | 10.2% | Apr/22 |
| Netherlands | 9.6% | Apr/22 |
| Serbia | 9.6% | Apr/22 |
| Hungary | 9.5% | Apr/22 |
| Croatia | 9.4% | Apr/22 |
| United Kingdom | 9% | Apr/22 |
| Cyprus | 8.8% | Apr/22 |
| Belgium | 8.31% | Apr/22 |
| Spain | 8.3% | Apr/22 |
| European Union | 8.1% | Apr/22 |
| Euro Area | 7.4% | Apr/22 |
| Germany | 7.4% | Apr/22 |
| Austria | 7.2% | Apr/22 |
| Iceland | 7.2% | Apr/22 |
| Portugal | 7.2% | Apr/22 |
| Ireland | 7% | Apr/22 |
| Luxembourg | 7% | Apr/22 |
| Slovenia | 6.9% | Apr/22 |
| Denmark | 6.7% | Apr/22 |
| Sweden | 6.4% | Apr/22 |
| Albania | 6.2% | Apr/22 |
| Italy | 6% | Apr/22 |
| Finland | 5.7% | Apr/22 |
| Malta | 5.4% | Apr/22 |
| Norway | 5.4% | Apr/22 |
| France | 4.8% | Apr/22 |
| Faroe Islands | 4.4% | Mar/22 |
| Switzerland | 2.5% | Apr/22 |
| Liechtenstein | 1.5% | Dec/21 |
EU Inflation Rate aka. European Inflation Rate
The European Union (EU) inflation rate is 7.4%. If, as we’ve already said, inflation is a monetary phenomenon, how can various EU countries have different inflation rates? According to the European Central Bank (ECB) “The euro area economies have experienced a considerable degree of inflation rate convergence during the past decade.” So having the same Central Bank has tended to stabilize the individual European country’s inflation rates. But each country still has control over its own spending, borrowing, and taxation policies but they can’t set their own interest rates, which creates stresses within the EU financial system. It is also important to note that NOT all EU Countries use the EURO so they may not even have the same currency.
Looking at individual European debt to GDP ratios we see that Greece is the highest at 193%, Germany is in the middle at 69.3%, and Estonia is the lowest at 18.1%.
| Country | Uses the Euro | Inflation Rate | Debt/GDP % |
| Austria | Yes | 7.20% | 82.80% |
| Belgium | Yes | 8.31% | 108.00% |
| Cyprus | Yes | 8.80% | 104.00% |
| Estonia | Yes | 18.80% | 18.10% |
| Finland | Yes | 5.70% | 65.80% |
| France | Yes | 4.80% | 113.00% |
| Germany | Yes | 7.40% | 69.30% |
| Greece | Yes | 10.20% | 193.00% |
| Ireland | Yes | 7.00% | 56.00% |
| Italy | Yes | 6.00% | 151.00% |
| Latvia | Yes | 13.00% | 44.80% |
| Lithuania | Yes | 16.80% | 44.30% |
| Luxembourg | Yes | 7.00% | 24.40% |
| Malta | Yes | 5.40% | 57.00% |
| Netherlands | Yes | 9.60% | 52.10% |
| Portugal | Yes | 7.20% | 127.00% |
| Slovakia | Yes | 11.80% | 63.10% |
| Slovenia | Yes | 6.90% | 74.70% |
| Spain | Yes | 8.30% | 118.00% |
| Bulgaria | No | 14.40% | 21.10% |
| Croatia | No | 9.40% | 79.80% |
| Czech Republic | No | 14.20% | 41.90% |
| Denmark | No | 6.70% | 36.70% |
| Hungary | No | 9.50% | 76.80% |
| Poland | No | 12.40% | 53.80% |
| Romania | No | 13.76% | 48.80% |
| Sweden | No | 6.40% | 36.70% |
Inflation in China
Chinese inflation is one of the lowest inflation rates in the world at 2.1% as of April 2022. However, like in many other countries, the official China Inflation Rate may not represent real-life inflation i.e. what actual Chinese consumers pay. Some of China’s neighbors on the other hand still have very high inflation, especially the “stan countries”. Kyrgyzstan 14.5%, Pakistan 13.4%, Kazakhstan 13.2%, Turkmenistan 12.45%, and Uzbekistan 10.38%. Inflation for other Chinese neighbors includes Mongolia at 14.4%, Georgia at 12.8%, and Myanmar at 12.63%.
Other Asian Inflation Rates
The Philippine inflation rate is relatively moderate at 4.9%, South Korea has 4.8%, and Thailand has 4.65%. At the lower end of the inflation scale, Japan has a national inflation rate of only 2.5%, Vietnam has 2.64%, Malaysia has 2.2%, and Hong Kong has 1.7%.
Countries with the Lowest Inflation
South Sudan (not to be confused with Sudan) had massive deflation with prices actually falling by -8.52% over the year. Bolivia had less than 1% annual inflation and the Maldives and Macau had just over 1% inflation. But beware, many of the low inflation countries on this list haven’t reported since last December (or earlier) so their actual inflation rate could be much higher by now.
| Country | Last | Reference |
|---|---|---|
| South Sudan | -8.52 | December 2021 |
| Bolivia | 0.87 | April 2022 |
| Vanuatu | 0.9 | September 2021 |
| Maldives | 1.05 | March 2022 |
| Macau | 1.07 | March 2022 |
| New Caledonia | 1.2 | December 2021 |
| Liechtenstein | 1.5 | December 2021 |
| Afghanistan | 1.56 | June 2021 |
| Hong Kong | 1.7 | March 2022 |
| Benin | 2 | April 2022 |
| China | 2.1 | April 2022 |
| Brunei | 2.2 | December 2021 |
| Malaysia | 2.2 | March 2022 |
| Seychelles | 2.2 | April 2022 |
| Saudi Arabia | 2.3 | April 2022 |
| Cameroon | 2.37 | September 2021 |
| Bermuda | 2.5 | February 2022 |
| Japan | 2.5 | April 2022 |
| Switzerland | 2.5 | April 2022 |
| United Arab Emirates | 2.5 | December 2021 |
| Eritrea | 2.6 | December 2021 |
| Vietnam | 2.64 | April 2022 |
| Oman | 2.67 | April 2022 |
| Central African Republic | 2.7 | December 2021 |
| Ecuador | 2.89 | April 2022 |
| Equatorial Guinea | 2.9 | December 2021 |
| Gabon | 2.9 | March 2022 |
| Swaziland | 3.3 | February 2022 |
| Taiwan | 3.38 | April 2022 |
| Indonesia | 3.47 | April 2022 |
African Inflation Rate by Country
As we showed above, many of the highest inflation countries are in Africa including Sudan, Zimbabwe, and Ethiopia. South African inflation is pretty much middle of the road at 5.9%.
| Country | Last | Reference |
|---|---|---|
| Sudan | 260% | January 2022 |
| Zimbabwe | 96.4% | April 2022 |
| Ethiopia | 36.6% | April 2022 |
| Angola | 25.79% | April 2022 |
| Ghana | 23.6% | April 2022 |
| Sierra Leone | 17.59% | February 2022 |
| Nigeria | 16.82% | April 2022 |
| Burundi | 16.09% | April 2022 |
| Malawi | 15.7% | April 2022 |
| Burkina Faso | 15.1% | April 2022 |
| Egypt | 13.1% | April 2022 |
| Guinea | 12.42% | March 2022 |
| Sao Tome and Principe | 12.1% | February 2022 |
| Gambia | 11.69% | April 2022 |
| Zambia | 11.5% | April 2022 |
| Mauritius | 11% | April 2022 |
| Rwanda | 10.5% | April 2022 |
| Algeria | 9.6% | February 2022 |
| Botswana | 9.6% | April 2022 |
| Mozambique | 7.9% | April 2022 |
| Cape Verde | 7.6% | April 2022 |
| Togo | 7.5% | April 2022 |
| Tunisia | 7.5% | April 2022 |
| Lesotho | 7.2% | March 2022 |
| Guinea Bissau | 6.5% | January 2022 |
| Somalia | 6.5% | April 2022 |
| Kenya | 6.47% | April 2022 |
| Madagascar | 6.34% | February 2022 |
| Senegal | 6.2% | March 2022 |
| Mauritania | 6.1% | February 2022 |
| Morocco | 5.9% | April 2022 |
| South Africa | 5.9% | April 2022 |
| Libya | 5.7% | March 2022 |
| Namibia | 5.6% | April 2022 |
| Liberia | 5.44% | November 2021 |
| Uganda | 4.9% | April 2022 |
| Niger | 4.89% | December 2021 |
| Ivory Coast | 4.5% | March 2022 |
| Mali | 4.5% | January 2022 |
| Congo | 3.99% | November 2021 |
| Tanzania | 3.8% | April 2022 |
| Djibouti | 3.61% | March 2022 |
| Comoros | 3.59% | September 2021 |
| Chad | 3.5% | March 2022 |
| Swaziland | 3.3% | February 2022 |
| Equatorial Guinea | 2.9% | December 2021 |
| Gabon | 2.9% | March 2022 |
| Central African Republic | 2.7% | December 2021 |
| Eritrea | 2.6% | December 2021 |
| Cameroon | 2.37% | September 2021 |
| Seychelles | 2.2% | April 2022 |
| Benin | 2% | April 2022 |
| South Sudan | -8.52% | December 2021 |
Articles Linked Above:
- What is Hyperinflation?
- Can Crypto Solve Venezuela’s Hyperinflation?
- Hyperinflation strikes Lebanon… Again
- Syria’s Hyperinflation
- Zimbabwe Inflation 2.2 million Percent
- Zimbabwe Switches to the U.S. Dollar
- Hyperinflation in Turkey and Argentina Today
- Sanctions against Russia
World Inflation Data Courtesy of Trading Economics where you can view the full list of Nations and their inflation rates.
Map Courtesy of Statista
Tim,
Thanks for writing this report. I’m writing an essay on inflation at the moment and your report has monumentally come in handy. It’s very informative and I truly appreciate your contribution. That being said it would be great to have greater context between the official and real rates.
Inflation rates in Latin American countries? where can that be found?
Bob,
You might be able to find what you are looking for here:
https://tradingeconomics.com/country-list/inflation-rate?continent=world
Otherwise you could go to the individual country’s equivalent of the Bureau of Labor Statistics.
Professor Steve Hanke publishes alternatives to the official rates here:
https://www.cato.org/center-monetary-financial-alternatives
And we published an article on Inflation in Argentina here:
https://inflationdata.com/articles/2022/02/18/hyperinflation-in-turkey-and-argentina-today/
I’ve found this information on inflation at continental level a very informative and useful one.