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Mapped: Which Countries Have the Highest Inflation?

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Mapped: Which Countries Have the Highest Inflation?

Mapped: Which Countries Have the Highest Inflation Rate?

This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email every week.

Inflation is surging nearly everywhere in 2022.

Geopolitical tensions are triggering high energy costs, while supply-side disruptions are also distorting consumer prices. The end result is that almost half of countries worldwide are seeing double-digit inflation rates or higher.

With new macroeconomic forces shaping the global economy, the above infographic shows countries with the highest inflation rates, using data from Trading Economics.

Double-Digit Inflation in 2022

As the table below shows, countless countries are navigating record-high levels of inflation. Some are even facing triple-digit inflation rates. Globally, Zimbabwe, Lebanon, and Venezuela have the highest rates in the world.

CountryInflation Rate, Year-Over-YearDate
🇿🇼 Zimbabwe269.0%Oct 2022
🇱🇧 Lebanon162.0%Sep 2022
🇻🇪 Venezuela156.0%Oct 2022
🇸🇾 Syria139.0%Aug 2022
🇸🇩 Sudan103.0%Oct 2022
🇦🇷 Argentina88.0%Oct 2022
🇹🇷 Turkey85.5%Oct 2022
🇱🇰 Sri Lanka66.0%Oct 2022
🇮🇷 Iran52.2%Aug 2022
🇸🇷 Suriname41.4%Sep 2022
🇬🇭 Ghana40.4%Oct 2022
🇨🇺 Cuba37.2%Sep 2022
🇱🇦 Laos36.8%Oct 2022
🇲🇩 Moldova34.6%Oct 2022
🇪🇹 Ethiopia31.7%Oct 2022
🇷🇼 Rwanda31.0%Oct 2022
🇭🇹 Haiti30.5%Jul 2022
🇸🇱 Sierra Leone29.1%Sep 2022
🇵🇰 Pakistan26.6%Oct 2022
🇺🇦 Ukraine26.6%Oct 2022
🇲🇼 Malawi25.9%Sep 2022
🇱🇹 Lithuania23.6%Oct 2022
🇪🇪 Estonia22.5%Oct 2022
🇧🇮 Burundi22.1%Oct 2022
🇸🇹 Sao Tome and Principe21.9%Sep 2022
🇱🇻 Latvia21.8%Oct 2022
🇭🇺 Hungary21.1%Oct 2022
🇳🇬 Nigeria21.1%Oct 2022
🇲🇰 Macedonia19.8%Oct 2022
🇲🇲 Myanmar19.4%Jun 2022
🇰🇿 Kazakhstan18.8%Oct 2022
🇵🇱 Poland17.9%Oct 2022
🇧🇬 Bulgaria17.6%Oct 2022
🇹🇲 Turkmenistan17.5%Dec 2021
🇧🇦 Bosnia and Herzegovina17.3%Sep 2022
🇲🇪 Montenegro16.8%Oct 2022
🇦🇴 Angola16.7%Oct 2022
🇧🇫 Burkina Faso16.5%Sep 2022
🇪🇬 Egypt16.2%Oct 2022
🇰🇲 Comoros15.9%Sep 2022
🇰🇬 Kyrgyzstan15.4%Oct 2022
🇷🇴 Romania15.3%Oct 2022
🇧🇾 Belarus15.2%Oct 2022
🇨🇿 Czech Republic15.1%Oct 2022
🇷🇸 Serbia15.0%Oct 2022
🇸🇰 Slovakia14.9%Oct 2022
🇲🇳 Mongolia14.5%Oct 2022
🇳🇱 Netherlands14.3%Oct 2022
🇦🇿 Azerbaijan13.7%Oct 2022
🇦🇫 Afghanistan13.6%Sep 2022
🇬🇲 Gambia13.3%Sep 2022
🇭🇷 Croatia13.2%Oct 2022
🇧🇼 Botswana13.1%Oct 2022
🇸🇳 Senegal13.0%Oct 2022
🇨🇱 Chile12.8%Oct 2022
🇽🇰 Kosovo12.7%Oct 2022
🇷🇺 Russia12.6%Oct 2022
🇬🇳 Guinea12.4%Jul 2022
🇧🇪 Belgium12.3%Oct 2022
🇨🇴 Colombia12.2%Oct 2022
🇺🇿 Uzbekistan12.2%Oct 2022
🇨🇬 Congo12.2%Oct 2022
🇳🇮 Nicaragua12.2%Oct 2022
🇰🇾 Cayman Islands12.1%Jun 2022
🇲🇺 Mauritius11.9%Oct 2022
🇲🇿 Mozambique11.8%Oct 2022
🇮🇹 Italy11.8%Oct 2022
🇲🇱 Mali11.3%Sep 2022
🇲🇷 Mauritania11.3%Sep 2022
🇬🇧 United Kingdom11.1%Oct 2022
🇦🇹 Austria11.0%Oct 2022
🇸🇪 Sweden10.9%Oct 2022
🇺🇬 Uganda10.7%Oct 2022
🇬🇪 Georgia10.6%Oct 2022
🇩🇪 Germany10.4%Oct 2022
🇭🇳 Honduras10.2%Oct 2022
🇩🇰 Denmark10.1%Oct 2022
🇵🇹 Portugal10.1%Oct 2022
🇯🇲 Jamaica9.9%Oct 2022
🇸🇮 Slovenia9.9%Oct 2022
🇬🇹 Guatemala9.7%Oct 2022
🇿🇲 Zambia9.7%Oct 2022
🇰🇪 Kenya9.6%Oct 2022
🇦🇲 Armenia9.5%Oct 2022
🇮🇸 Iceland9.4%Oct 2022
🇲🇬 Madagascar9.3%Aug 2022
🇮🇪 Ireland9.2%Oct 2022
🇱🇸 Lesotho9.2%Sep 2022
🇹🇳 Tunisia9.2%Oct 2022
🇬🇷 Greece9.1%Oct 2022
🇺🇾 Uruguay9.1%Oct 2022
🇨🇷 Costa Rica9.0%Oct 2022
🇧🇩 Bangladesh8.9%Oct 2022
🇨🇾 Cyprus8.8%Oct 2022
🇫🇴 Faroe Islands8.8%Sep 2022
🇩🇿 Algeria8.7%Sep 2022
🇳🇵 Nepal8.6%Sep 2022
🇸🇧 Solomon Islands8.5%Aug 2022
🇲🇽 Mexico8.4%Oct 2022
🇬🇼 Guinea Bissau8.4%Sep 2022
🇦🇱 Albania8.3%Oct 2022
🇧🇧 Barbados8.3%Aug 2022
🇫🇮 Finland8.3%Oct 2022
🇲🇦 Morocco8.3%Sep 2022
🇵🇪 Peru8.3%Oct 2022
🇩🇴 Dominican Republic8.2%Oct 2022
🇨🇻 Cape Verde8.2%Oct 2022
🇵🇾 Paraguay8.1%Oct 2022
🇹🇱 East Timor7.9%Sep 2022
🇹🇬 Togo7.9%Sep 2022
🇵🇭 Philippines7.7%Oct 2022
🇺🇸 U.S.7.7%Oct 2022
🇨🇲 Cameroon7.6%Sep 2022
🇳🇴 Norway7.5%Oct 2022
🇸🇬 Singapore7.5%Sep 2022
🇿🇦 South Africa7.5%Sep 2022
🇸🇻 El Salvador7.5%Oct 2022
🇲🇹 Malta7.4%Oct 2022
🇦🇺 Australia7.3%Sep 2022
🇪🇸 Spain7.3%Oct 2022
🇹🇩 Chad7.2%Sep 2022
🇳🇿 New Zealand7.2%Sep 2022
🇧🇿 Belize7.1%Sep 2022
🇳🇦 Namibia7.1%Oct 2022
🇦🇼 Aruba7.0%Sep 2022
🇨🇦 Canada6.9%Oct 2022
🇱🇺 Luxembourg6.9%Oct 2022
🇸🇴 Somalia6.9%Oct 2022
🇮🇳 India6.8%Oct 2022
🇦🇪 United Arab Emirates6.8%Jun 2022
🇬🇾 Guyana6.5%Sep 2022
🇱🇷 Liberia6.5%Jul 2022
🇧🇷 Brazil6.5%Oct 2022
🇧🇸 Bahamas6.3%Aug 2022
🇨🇮 Ivory Coast6.3%Sep 2022
🇹🇹 Trinidad and Tobago6.3%Aug 2022
🇫🇷 France6.2%Oct 2022
🇩🇯 Djibouti6.1%Sep 2022
🇵🇷 Puerto Rico6.1%Sep 2022
🇧🇹 Bhutan6.1%Sep 2022
🇧🇹 Qatar6.0%Sep 2022
🇹🇭 Thailand6.0%Oct 2022
🇸🇿 Swaziland5.8%Aug 2022
🇮🇩 Indonesia5.7%Oct 2022
🇰🇷 South Korea5.7%Oct 2022
🇹🇯 Tajikistan5.7%Sep 2022
🇵🇬 Papua New Guinea5.5%Jun 2022
🇰🇭 Cambodia5.4%Jul 2022
🇮🇶 Iraq5.3%Sep 2022
🇯🇴 Jordan5.2%Oct 2022
🇫🇯 Fiji5.1%Sep 2022
🇮🇱 Israel5.1%Oct 2022
🇳🇨 New Caledonia5.0%Sep 2022
🇹🇿 Tanzania4.9%Oct 2022
🇧🇲 Bermuda4.5%Jul 2022
🇪🇷 Eritrea4.5%Dec 2021
🇲🇾 Malaysia4.5%Sep 2022
🇭🇰 Hong Kong4.4%Sep 2022
🇵🇸 Palestine4.4%Oct 2022
🇧🇳 Brunei4.3%Sep 2022
🇱🇾 Libya4.3%Sep 2022
🇻🇳 Vietnam4.3%Oct 2022
🇪🇨 Ecuador4.0%Oct 2022
🇧🇭 Bahrain4.0%Sep 2022
🇯🇵 Japan3.7%Oct 2022
🇰🇼 Kuwait3.2%Sep 2022
🇳🇪 Niger3.2%Sep 2022
🇲🇻 Maldives3.1%Sep 2022
🇬🇦 Gabon3.0%Jul 2022
🇱🇮 Liechtenstein3.0%Oct 2022
🇸🇦 Saudi Arabia3.0%Oct 2022
🇨🇭 Switzerland3.0%Oct 2022
🇸🇨 Seychelles2.9%Oct 2022
🇬🇶 Equatorial Guinea2.9%Dec 2021
🇧🇴 Bolivia2.9%Oct 2022
🇹🇼 Taiwan2.7%Oct 2022
🇨🇫 Central African Republic2.7%Dec 2021
🇻🇺 Vanuatu2.7%Mar 2022
🇴🇲 Oman2.4%Sep 2022
🇧🇯 Benin2.1%Oct 2022
🇨🇳 China2.1%Oct 2022
🇵🇦 Panama1.9%Sep 2022
🇲🇴 Macau1.1%Sep 2022
🇸🇸 South Sudan-2.5%Aug 2022

*Inflation rates based on the latest available data.

As price pressures mount, 33 central banks tracked by the Bank of International Settlements (out of a total of 38) have raised interest rates this year. These coordinated rate hikes are the largest in two decades, representing an end to an era of rock-bottom interest rates.

Going into 2023, central banks could continue this shift towards hawkish policies as inflation remains aggressively high.

The Role of Energy Prices

Driven by the war in Ukraine, energy inflation is pushing up the cost of living around the world.

Since October 2020, an index of global energy prices—made up of crude oil, natural gas, coal, and propane—has increased drastically.

Double-Digit Inflation

Compared to the 2021 average, natural gas prices in Europe are up sixfold. Real European household electricity prices are up 78% and gas prices have climbed even more, at 144% compared to 20-year averages.

Amid global competition for liquefied natural gas supplies, price pressures are likely to stay high, even though they have fallen recently. Other harmful consequences of the energy shock include price volatility, economic strain, and energy shortages.

“The world is in the midst of the first truly global energy crisis, with impacts that will be felt for years to come”.

-Fatih Birol, executive director of the IEA

Double-Digit Inflation: Will it Last?

If history is an example, taming rising prices could take at least a few years yet.

Take the sky-high inflation of the 1980s. Italy, which managed to combat inflation faster than most countries, brought down inflation from 22% in 1980 to 4% in 1986.

If global inflation rates, which hover around 9.8% in 2022, were to follow this course, it would take at least until 2025 for levels to reach the 2% target.

It’s worth noting that inflation was also highly volatile over this decade. Consider how inflation fell across much of the rich world by 1981 but shot up again in 1987 amid higher energy prices. Federal Reserve chair Jerome Powell spoke to the volatility of inflation at their November meeting, indicating that high inflation has a chance of following a period of low inflation.

While the Federal Reserve projects U.S. inflation to fall closer to its 2% target by 2024, the road ahead could still get a lot bumpier between now and then.

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De-Dollarization: Countries Seeking Alternatives to the U.S. Dollar

The U.S. dollar is the dominant currency in the global financial system, but some countries are following the trend of de-dollarization.

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De-Dollarization: More Countries Seek Alternatives to the U.S. Dollar

De-Dollarization: Countries Seeking Alternatives to U.S. Dollar

This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email every week.

The U.S. dollar has dominated global trade and capital flows over many decades.

However, many nations are looking for alternatives to the greenback to reduce their dependence on the United States.

This graphic catalogs the rise of the U.S. dollar as the dominant international reserve currency, and the recent efforts by various nations to de-dollarize and reduce their dependence on the U.S. financial system.

The Dollar Dominance

The United States became, almost overnight, the leading financial power after World War I. The country entered the war only in 1917 and emerged far stronger than its European counterparts.

As a result, the dollar began to displace the pound sterling as the international reserve currency and the U.S. also became a significant recipient of wartime gold inflows.

The dollar then gained a greater role in 1944, when 44 countries signed the Bretton Woods Agreement, creating a collective international currency exchange regime pegged to the U.S. dollar which was, in turn, pegged to the price of gold.

By the late 1960s, European and Japanese exports became more competitive with U.S. exports. There was a large supply of dollars around the world, making it difficult to back dollars with gold. President Nixon ceased the direct convertibility of U.S. dollars to gold in 1971. This ended both the gold standard and the limit on the amount of currency that could be printed.

Although it has remained the international reserve currency, the U.S. dollar has increasingly lost its purchasing power since then.

Russia and China’s Steps Towards De-Dollarization

Concerned about America’s dominance over the global financial system and the country’s ability to ‘weaponize’ it, other nations have been testing alternatives to reduce the dollar’s hegemony.

As the United States and other Western nations imposed economic sanctions against Russia in response to its invasion of Ukraine, Moscow and the Chinese government have been teaming up to reduce reliance on the dollar and to establish cooperation between their financial systems.

Since the invasion in 2022, the ruble-yuan trade has increased eighty-fold. Russia and Iran are also working together to launch a cryptocurrency backed by gold, according to Russian news agency Vedmosti.

In addition, central banks (especially Russia’s and China’s) have bought gold at the fastest pace since 1967 as countries move to diversify their reserves away from the dollar.

How Other Countries are Reducing Dollar Dependence

De-dollarization it’s a theme in other parts of the world:

  • In recent months, Brazil and Argentina have discussed the creation of a common currency for the two largest economies in South America.
  • In a conference in Singapore in January, multiple former Southeast Asian officials spoke about de-dollarization efforts underway.
  • The UAE and India are in talks to use rupees to trade non-oil commodities in a shift away from the dollar, according to Reuters.
  • For the first time in 48 years, Saudi Arabia said that the oil-rich nation is open to trading in currencies besides the U.S. dollar.

Despite these movements, few expect to see the end of the dollar’s global sovereign status anytime soon. Currently, central banks still hold about 60% of their foreign exchange reserves in dollars.

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