* indicates monthly or quarterly data series

Inflation: percent change in the Consumer Price Index, 2022:

The average for 2022 based on 162 countries was 12.7 percent. The highest value was in Lebanon: 171.2 percent and the lowest value was in Macao: 1 percent. The indicator is available from 1960 to 2022. Below is a chart for all countries where data are available.

Measure: percent; Source: The World Bank
Select indicator
* indicates monthly or quarterly data series


Countries Inflation, 2022 Global rank Available data
Lebanon 171.2 1 2009 - 2022
Sudan 138.8 2 1960 - 2022
Zimbabwe 104.7 3 2010 - 2022
Turkey 72.3 4 1960 - 2022
Suriname 52.4 5 1960 - 2022
Sri Lanka 49.7 6 1960 - 2022
Iran 43.5 7 1960 - 2022
Haiti 34 8 1960 - 2022
Ethiopia 33.9 9 1966 - 2022
Ghana 31.3 10 1965 - 2022
Moldova 28.7 11 1992 - 2022
Sierra Leone 27.2 12 2007 - 2022
Laos 23 13 1989 - 2022
Malawi 21 14 1981 - 2022
Ukraine 20.2 15 1993 - 2022
Pakistan 19.9 16 1960 - 2022
Lithuania 19.7 17 1992 - 2022
Estonia 19.4 18 1993 - 2022
Burundi 18.8 19 1966 - 2022
Nigeria 18.8 20 1960 - 2022
S.T.&Principe 18 21 1997 - 2022
Rwanda 17.7 22 1967 - 2022
Latvia 17.3 23 1992 - 2022
Bulgaria 15.3 24 1986 - 2022
Belarus 15.2 25 1993 - 2022
Czechia 15.1 26 1992 - 2022
Mongolia 15.1 27 1993 - 2022
Hungary 14.6 28 1973 - 2022
Poland 14.4 29 1971 - 2022
Burkina Faso 14.3 30 1960 - 2022
North Macedonia 14.2 31 1994 - 2022
Azerbaijan 13.9 32 1992 - 2022
Egypt 13.9 33 1960 - 2022
Kyrgyzstan 13.9 34 1996 - 2022
Romania 13.8 35 1991 - 2022
Montenegro 13 36 2006 - 2022
Slovakia 12.8 37 1992 - 2022
Palau 12.4 38 2002 - 2022
Serbia 12 39 1995 - 2022
Georgia 11.9 40 1995 - 2022
Botswana 11.7 41 1975 - 2022
Chile 11.6 42 1971 - 2022
Gambia 11.5 43 1962 - 2022
Uzbekistan 11.4 44 2011 - 2022
Samoa 11 45 1962 - 2022
Tonga 11 46 1976 - 2022
Zambia 11 47 1986 - 2022
Croatia 10.8 48 1986 - 2022
Mauritius 10.8 49 1964 - 2022
Guinea 10.5 50 2005 - 2022
Nicaragua 10.5 51 2000 - 2022
Jamaica 10.3 52 1960 - 2022
Mozambique 10.3 53 2005 - 2022
Colombia 10.2 54 1960 - 2022
Netherlands 10 55 1960 - 2022
Paraguay 9.8 56 1960 - 2022
Senegal 9.7 57 1968 - 2022
Belgium 9.6 58 1960 - 2022
Greece 9.6 59 1960 - 2022
Mali 9.6 60 1989 - 2022
Mauritania 9.5 61 1986 - 2022
G.-Bissau 9.4 62 1988 - 2022
Algeria 9.3 63 1970 - 2022
Brazil 9.3 64 1981 - 2022
Honduras 9.1 65 1960 - 2022
Uruguay 9.1 66 1960 - 2022
Domin. Rep. 8.8 67 1960 - 2022
Slovenia 8.8 68 1981 - 2022
Armenia 8.6 69 1994 - 2022
Austria 8.5 70 1960 - 2022
Cyprus 8.4 71 1960 - 2022
Spain 8.4 72 1960 - 2022
Sweden 8.4 73 1960 - 2022
Costa Rica 8.3 74 1960 - 2022
Iceland 8.3 75 1960 - 2022
Lesotho 8.3 76 1974 - 2022
Peru 8.3 77 1960 - 2022
Tunisia 8.3 78 1984 - 2022
Italy 8.2 79 1960 - 2022
Madagascar 8.2 80 1965 - 2022
Togo 8 81 1967 - 2022
USA 8 82 1960 - 2022
Cape Verde 7.9 83 1984 - 2022
Mexico 7.9 84 1960 - 2022
UK 7.9 85 1960 - 2022
Ireland 7.8 86 1960 - 2022
Portugal 7.8 87 1960 - 2022
Bangladesh 7.7 88 1987 - 2022
Denmark 7.7 89 1960 - 2022
Kenya 7.7 90 1960 - 2022
Nepal 7.7 91 1965 - 2022
Ant.& Barb. 7.5 92 1999 - 2022
El Salvador 7.2 93 1960 - 2022
New Zealand 7.2 94 1960 - 2022
Uganda 7.2 95 1994 - 2022
Finland 7.1 96 1960 - 2022
Vanuatu 7.1 97 1977 - 2022
South Africa 7 98 1960 - 2022
Germany 6.9 99 1960 - 2022
Guatemala 6.9 100 1960 - 2022
Canada 6.8 101 1960 - 2022
Albania 6.7 102 1992 - 2022
India 6.7 103 1960 - 2022
Morocco 6.7 104 1960 - 2022
Australia 6.6 105 1960 - 2022
Saint Lucia 6.4 106 1966 - 2022
Belize 6.3 107 1981 - 2022
Luxembourg 6.3 108 1960 - 2022
Cameroon 6.2 109 1969 - 2022
Malta 6.2 110 1960 - 2022
Guyana 6.1 111 1995 - 2022
Namibia 6.1 112 2003 - 2022
Singapore 6.1 113 1961 - 2022
Thailand 6.1 114 1960 - 2022
Chad 5.8 115 1984 - 2022
Norway 5.8 116 1960 - 2022
Philippines 5.8 117 1960 - 2022
Tr.&Tobago 5.8 118 1960 - 2022
St. Vincent & ... 5.7 119 1975 - 2022
Bahamas 5.6 120 1967 - 2022
Bhutan 5.6 121 1981 - 2022
C.A. Republic 5.6 122 1981 - 2022
Solomon Isl. 5.5 123 1972 - 2022
Micronesia 5.4 124 2000 - 2022
Cambodia 5.3 125 1995 - 2022
Ivory Coast 5.3 126 1961 - 2022
Papua N.G. 5.3 127 1972 - 2022
Djibouti 5.2 128 1980 - 2022
France 5.2 129 1960 - 2022
South Korea 5.1 130 1960 - 2022
Iraq 5 131 1960 - 2022
Qatar 5 132 1980 - 2022
Eq. Guinea 4.8 133 1986 - 2022
UA Emirates 4.8 134 2008 - 2022
Fiji 4.5 135 1970 - 2022
Libya 4.5 136 1965 - 2022
Israel 4.4 137 1960 - 2022
Tanzania 4.4 138 1966 - 2022
Gabon 4.2 139 1963 - 2022
Indonesia 4.2 140 1960 - 2022
Jordan 4.2 141 1970 - 2022
Niger 4.2 142 1964 - 2022
Kuwait 4 143 1973 - 2022
Brunei 3.7 144 1981 - 2022
Palestine 3.7 145 1997 - 2022
Bahrain 3.6 146 1966 - 2022
Ecuador 3.5 147 1960 - 2022
Malaysia 3.4 148 1960 - 2022
Vietnam 3.2 149 1996 - 2022
R. of Congo 3 150 1986 - 2022
Panama 2.9 151 1960 - 2022
Oman 2.8 152 2001 - 2022
Switzerland 2.8 153 1960 - 2022
Grenada 2.6 154 1977 - 2022
Japan 2.5 155 1960 - 2022
Saudi Arabia 2.5 156 1964 - 2022
Maldives 2.3 157 1986 - 2022
China 2 158 1987 - 2022
Hong Kong 1.9 159 1982 - 2022
Bolivia 1.7 160 1960 - 2022
Benin 1.4 161 1993 - 2022
Macao 1 162 1989 - 2022



Definition: Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.
What explains differences in inflation across countries

Inflation is the rate of increase of the general level of prices. If it is negative, we call it deflation. The factors that explain the differences across countries depend on whether one looks at the long term or the short term.

In the long term - over years and decades - the rate at which prices rise is determined by the rate at which money supply increases. This, in turn, is driven by monetary policy that tries to deliver low but positive inflation by gradually expanding money supply or, in more excessive cases, by governments that pressure the central bank to finance budget deficits by newly printed money. In either case, the expanding amount of money “chases” a similar amount of goods and services and therefore prices rise.

In the short run, inflation is influenced by the business cycle. During expansions, labor and other resources become more scarce and their prices increase. This raises the cost to firms and they are pressed to pass the additional cost to the final consumer. We have higher inflation. In recessions, the cost of resources declines and productivity increases. This allows competing firms to lower prices or at least to restrain their rate of growth. We have lower inflation.


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The causes of inflation in the long run and in the short run

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171.2
138.8
104.7
72.3
52.4
49.7
43.5
34.0
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31.3
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2.9
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