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G20 Inflation Rates: Feb 2024 vs COVID Peak

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See this visualization first on the Voronoi app.

Chart showing inflation rates across the G20

How Far Have Inflation Rates Fallen Across the G20?

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

A major economic consequence that arose in the aftermath of the COVID-19 pandemic was high inflation. In many countries, inflation rates reached double-digits, which is significantly higher than the 2-3% typically targeted by central banks.

Generally speaking, an extended period of fast rising prices is not optimal because it erodes the purchasing power of money. This makes everyday essentials like groceries, rent, and gas more expensive.

To see how inflation is currently faring, we’ve visualized annual inflation rates across G20 countries as of February 2024, in the context of their pandemic peak. This data was sourced from Trading Economics and can also be found in the table below.

CountryInflation (%, Feb 2024)Inflation (%, COVID peak)Date of Peak
🇦🇷 Argentina276.0----
🇹🇷 Turkey67.185.5Oct 2022
🇷🇺 Russia7.717.8Apr 2022
🇿🇦 South Africa5.67.8Jul 2022
🇮🇳 India5.17.8Apr 2022
🇧🇷 Brazil4.512.1Apr 2022
🇲🇽 Mexico4.48.7Sept 2022
🇦🇺 Australia4.17.8Dec 2022
🇬🇧 United Kingdom3.411.1Oct 2022
🇺🇸 United States3.29.1Jun 2022
🇰🇷 South Korea3.16.3Jul 2022
🇫🇷 France3.06.3Feb 2023
🇨🇦 Canada2.88.1Jun 2022
🇯🇵 Japan2.84.3Jan 2023
🇪🇸 Spain2.810.8Jul 2022
🇮🇩 Indonesia2.86Sept 2022
🇩🇪 Germany2.58.8Nov 2022
🇸🇦 Saudi Arabia1.86.2Jun 2021
🇮🇹 Italy0.811.8Oct 2022
🇨🇳 China0.72.8Sept 2022

Notes: Spain is a permanent guest of the G20. Australia’s latest inflation rate is as of Dec 2023.

Unlike other G20 nations, Argentina’s inflation rate has only gone up since the pandemic ended. This is largely due to the country’s history of printing money to compensate for government overspending.

One area hit particularly hard is food prices. According to a local consultancy, the price of beef to consumers rose by 40% to 70% between July to August 2023.

Learn More About Inflation in 2024

If you want to see more graphics on inflation, check out this global map that visualizes inflation forecasts for every country in 2024.

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Copper

Brass Rods: The Secure Choice

This graphic shows why brass rods are the secure choice for precision-machined and forged parts.

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Teaser of bar chart and pie chart highlighting three ways brass rods empower manufacturers in the competitive market for precision-machined and forged products.

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The following content is sponsored by Copper Development Association

Brass Rods: The Secure Choice

The unique combination of machinability and recyclability makes brass rods the secure choice for manufacturers seeking future-proof raw material solutions.

This infographic, from the Copper Development Association, shows three ways brass rods give manufacturers greater control and a license to grow in the competitive market for precision-machined and forged products.

Future-Proof Investments in New Machine Tools

A material’s machinability directly impacts machine throughput, which typically has the largest impact on machine shop profitability.

The high-speed machining capabilities of brass rods maximize machine tool performance, allowing manufacturers to run the material faster and longer without sacrificing tool life, chip formation, or surface quality.

The high machining efficiency of brass leads to reduced per-part costs, quicker return on investment (ROI) for new machine tools, and expanded production capacity for new projects.

Supply Security Through Closed Loop Recycling

Brass, like its parent element copper, can be infinitely recycled. 

In 2022, brass- and wire-rod mills accounted for the majority of the 830,000 tonnes of copper recycled from scrap in the United States.

Given that scrap ratios for machined parts typically range from 60-70% by weight, producing mills benefit from a secure and steady supply of clean scrap returned directly from customers, which is recycled to create new brass rods.

The high residual value of brass scrap creates a strong recycling incentive. Scrap buy back programs give manufacturers greater control over raw material net costs as scrap value is often factored into supplier purchase agreements.

Next Generation Alloys for a Lead-Free Future

Increasingly stringent global regulations continue to pressure manufacturers to minimize the use of materials containing trace amounts of lead and other harmful impurities.

The latest generation of brass-rod alloys is engineered to meet the most demanding criteria for lead leaching in drinking water and other sensitive applications.

Seven brass-rod alloys passed rigorous testing to become the only ‘Acceptable Materials’ against lower lead leaching criteria recently adopted in the national U.S. drinking water quality standard, NSF 61.

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Learn more about the advantages of brass rods solutions.

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