Mapped: Which Countries Have the Highest Inflation?
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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?

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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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Economy

The $16 Trillion European Union Economy

This chart shows the contributors to the EU economy through a percentage-wise distribution of country-level GDP.

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The $16 Trillion European Union Economy

The European Union has the third-largest economy in the world, accounting for one-sixth of global trade. All together, 27 member countries make up one internal market allowing free movement of goods, services, capital and people.

But how did this sui generis (a class by itself) political entity come into being?

A Brief History of the EU

After the devastating aftermath of the World War II, Western Europe saw a concerted move towards regional peace and security by promoting democracy and protecting human rights.

Crucially, the Schuman Declaration was presented in 1950. The coal and steel industries of Western Europe were integrated under common management, preventing countries from turning on each other and creating weapons of war. Six countries signed on — the eventual founders of the EU.

Here’s a list of all 27 members of the EU and the year they joined.

CountryYear of entry
🇧🇪 Belgium1958
🇫🇷 France1958
🇩🇪 Germany1958
🇮🇹 Italy1958
🇱🇺 Luxembourg1958
🇳🇱 Netherlands1958
🇩🇰 Denmark1973
🇮🇪 Ireland1973
🇬🇷 Greece1981
🇵🇹 Portugal1986
🇪🇸 Spain1986
🇦🇹 Austria1995
🇫🇮 Finland1995
🇸🇪 Sweden1995
🇨🇾 Cyprus2004
🇨🇿 Czechia2004
🇪🇪 Estonia2004
🇭🇺 Hungary2004
🇱🇻 Latvia2004
🇱🇹 Lithuania2004
🇲🇹 Malta2004
🇵🇱 Poland2004
🇸🇰 Slovakia2004
🇸🇮 Slovenia2004
🇧🇬 Bulgaria2007
🇷🇴 Romania2007
🇭🇷 Croatia2013

Greater economic and security cooperation followed over the next four decades, along with the addition of new members. These tighter relationships disincentivized conflict, and Western Europe—after centuries of constant war—has seen unprecedented peace for the last 80 years.

The modern version of the EU can trace its origin to 1993, with the adoption of the name, ‘the European Union,’ the birth of a single market, and the promise to use a single currency—the euro.

Since then the EU has become an economic and political force to reckon with. Its combined gross domestic product (GDP) stood at $16.6 trillion in 2022, after the U.S. ($26 trillion) and China ($19 trillion.)

ℹ️ GDP is a broad indicator of the economic activity within a country. It measures the total value of economic output—goods and services—produced within a given time frame by both the private and public sectors.

Front Loading the EU Economy

For the impressive numbers it shows however, the European Union’s economic might is held up by three economic giants, per data from the International Monetary Fund. Put together, the GDPs of Germany ($4 trillion), France ($2.7 trillion) and Italy ($1.9 trillion) make up more than half of the EU’s entire economic output.

These three countries are also the most populous in the EU, and together with Spain and Poland, account for 66% of the total population of the EU.

Here’s a table of all 27 member states and the percentage they contribute to the EU’s gross domestic product.

RankCountry GDP (Billion USD)% of the EU Economy
1.🇩🇪 Germany4,031.124.26%
2.🇫🇷 France2,778.116.72%
3.🇮🇹 Italy1,997.012.02%
4.🇪🇸 Spain1,390.08.37%
5.🇳🇱 Netherlands990.65.96%
6.🇵🇱 Poland716.34.31%
7.🇸🇪 Sweden603.93.64%
8.🇧🇪 Belgium589.53.55%
9.🇮🇪 Ireland519.83.13%
10.🇦🇹 Austria468.02.82%
11.🇩🇰 Denmark386.72.33%
12.🇷🇴 Romania299.91.81%
13.🇨🇿 Czechia295.61.78%
14.🇫🇮 Finland281.41.69%
15.🇵🇹 Portugal255.91.54%
16.🇬🇷 Greece222.01.34%
17.🇭🇺 Hungary184.71.11%
18.🇸🇰 Slovakia112.40.68%
19.🇧🇬 Bulgaria85.00.51%
20.🇱🇺 Luxembourg82.20.49%
21.🇭🇷 Croatia69.40.42%
22.🇱🇹 Lithuania68.00.41%
23.🇸🇮 Slovenia62.20.37%
24.🇱🇻 Latvia40.60.24%
25.🇪🇪 Estonia39.10.24%
26.🇨🇾 Cyprus26.70.16%
27.🇲🇹 Malta17.20.10%
Total16,613.1100%

The top-heaviness continues. By adding Spain ($1.3 trillion) and the Netherlands ($990 billion), the top five make up nearly 70% of the EU’s GDP. That goes up to 85% when the top 10 countries are included.

That means less than half of the 27 member states make up $14 trillion of the $16 trillion EU economy.

Older Members, Larger Share

Aside from the most populous members having bigger economies, another pattern emerges, with the time the country has spent in the EU.

Five of the six founders of the EU—Germany, France, Italy, the Netherlands, Belgium—are in the top 10 biggest economies of the EU. Ireland and Denmark, the next entrants into the union (1973) are ranked 9th and 11th respectively. The bottom 10 countries all joined the EU post-2004.

The UK—which joined the bloc in 1973 and formally left in 2020—would have been the second-largest economy in the region at $3.4 trillion.

Sectoral Analysis of the EU

The EU has four primary sectors of economic output: services, industry, construction, and agriculture (including fishing and forestry.) Below is an analysis of some of these sectors and the countries which contribute the most to it. All figures are from Eurostat.

Services and Tourism

The EU economy relies heavily on the services sector, accounting for more than 70% of the value added to the economy in 2020. It also is the sector with the highest share of employment in the EU, at 73%.

In Luxembourg, which has a large financial services sector, 87% of the country’s gross domestic product came from the services sector.

Tourism economies like Malta and Cyprus also had an above 80% share of services in their GDP.

Industry

Meanwhile 20% of the EU’s gross domestic product came from industry, with Ireland’s economy having the most share (40%) in its GDP. Czechia, Slovenia and Poland also had a significant share of industry output.

Mining coal and lignite in the EU saw a brief rebound in output in 2021, though levels continued to be subdued.

RankSector% of the EU Economy
1.Services72.4%
2.Industry20.1%
3.Construction5.6%
4.Agriculture, forestry and fishing1.8%

Agriculture

Less than 2% of the EU’s economy relies on agriculture, forestry and fishing. Romania, Latvia, and Greece feature as contributors to this sector, however the share in total output in each country is less than 5%. Bulgaria has the highest employment (16%) in this sector compared to other EU members.

Energy

The EU imports nearly 60% of its energy requirements. Until the end of 2021, Russia was the biggest exporter of petroleum and natural gas to the region. After the war in Ukraine that share has steadily decreased from nearly 25% to 15% for petroleum liquids and from nearly 40% to 15% for natural gas, per Eurostat.

Headwinds, High Seas

The IMF has a gloomy outlook for Europe heading into 2023. War in Ukraine, spiraling energy costs, high inflation, and stagnant wage growth means that EU leaders are facing “severe trade-offs and tough policy decisions.”

Reforms—to relieve supply constraints in the labor and energy markets—are key to increasing growth and relieving price pressures, according to the international body. The IMF projects that the EU will grow 0.7% in 2023.

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