Inflation - Country rankings
* indicates monthly or quarterly data series
Inflation: percent change in the Consumer Price Index, 2023:
The average for 2023 based on 160 countries was 9.9 percent. The highest value was in Lebanon: 221.3 percent and the lowest value was in the Seychelles: -1 percent. The indicator is available from 1960 to 2023. Below is a chart for all countries where data are available.Measure: percent; Source: The World Bank
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* indicates monthly or quarterly data series
| Countries | Inflation, 2023 | Global rank | Available data |
|---|---|---|---|
| Lebanon | 221.3 | 1 | 2009 - 2023 |
| Turkey | 53.9 | 2 | 1960 - 2023 |
| Suriname | 51.6 | 3 | 1960 - 2023 |
| Sierra Leone | 47.6 | 4 | 2007 - 2023 |
| Iran | 44.6 | 5 | 1960 - 2023 |
| Ghana | 38.1 | 6 | 1965 - 2023 |
| Haiti | 36.8 | 7 | 1960 - 2023 |
| Egypt | 33.9 | 8 | 1960 - 2023 |
| Laos | 31.2 | 9 | 1989 - 2023 |
| Pakistan | 30.8 | 10 | 1960 - 2023 |
| Ethiopia | 30.2 | 11 | 1966 - 2023 |
| Malawi | 28.8 | 12 | 1981 - 2023 |
| Burundi | 26.9 | 13 | 1966 - 2023 |
| Nigeria | 24.7 | 14 | 1960 - 2023 |
| S.T.&Principe | 21.3 | 15 | 1997 - 2023 |
| Rwanda | 19.8 | 16 | 1967 - 2023 |
| Hungary | 17.1 | 17 | 1973 - 2023 |
| Gambia | 17 | 18 | 1962 - 2023 |
| Sri Lanka | 16.5 | 19 | 1960 - 2023 |
| Kazakhstan | 14.7 | 20 | 1994 - 2023 |
| Angola | 13.6 | 21 | 1991 - 2023 |
| Moldova | 13.4 | 22 | 1992 - 2023 |
| Palau | 12.8 | 23 | 2002 - 2023 |
| Ukraine | 12.8 | 24 | 1993 - 2023 |
| Serbia | 12.4 | 25 | 1995 - 2023 |
| Colombia | 11.7 | 26 | 1960 - 2023 |
| Poland | 11.5 | 27 | 1971 - 2023 |
| Zambia | 10.9 | 28 | 1986 - 2023 |
| Chad | 10.8 | 29 | 1984 - 2023 |
| Kyrgyzstan | 10.8 | 30 | 1996 - 2023 |
| Czechia | 10.7 | 31 | 1992 - 2023 |
| Slovakia | 10.5 | 32 | 1992 - 2023 |
| Romania | 10.4 | 33 | 1991 - 2023 |
| Mongolia | 10.3 | 34 | 1993 - 2023 |
| Liberia | 10.1 | 35 | 2002 - 2023 |
| Bangladesh | 9.9 | 36 | 1987 - 2023 |
| Madagascar | 9.9 | 37 | 1965 - 2023 |
| Barbados | 9.8 | 38 | 1967 - 2023 |
| Bulgaria | 9.4 | 39 | 1986 - 2023 |
| North Macedonia | 9.4 | 40 | 1994 - 2023 |
| Algeria | 9.3 | 41 | 1970 - 2023 |
| Kiribati | 9.3 | 42 | 2007 - 2023 |
| Tunisia | 9.3 | 43 | 1984 - 2023 |
| Estonia | 9.2 | 44 | 1993 - 2023 |
| Lithuania | 9.1 | 45 | 1992 - 2023 |
| Latvia | 8.9 | 46 | 1992 - 2023 |
| Azerbaijan | 8.8 | 47 | 1992 - 2023 |
| Iceland | 8.7 | 48 | 1960 - 2023 |
| Montenegro | 8.6 | 49 | 2006 - 2023 |
| Sweden | 8.5 | 50 | 1960 - 2023 |
| Nicaragua | 8.4 | 51 | 2000 - 2023 |
| Croatia | 7.9 | 52 | 1986 - 2023 |
| Austria | 7.8 | 53 | 1960 - 2023 |
| Guinea | 7.8 | 54 | 2005 - 2023 |
| Kenya | 7.7 | 55 | 1960 - 2023 |
| Chile | 7.6 | 56 | 1971 - 2023 |
| Cameroon | 7.4 | 57 | 1969 - 2023 |
| Slovenia | 7.4 | 58 | 1981 - 2023 |
| Mauritius | 7.1 | 59 | 1964 - 2023 |
| Mozambique | 7.1 | 60 | 2005 - 2023 |
| Nepal | 7.1 | 61 | 1965 - 2023 |
| UK | 6.8 | 62 | 1960 - 2023 |
| Honduras | 6.7 | 63 | 1960 - 2023 |
| Jamaica | 6.5 | 64 | 1960 - 2023 |
| Peru | 6.5 | 65 | 1960 - 2023 |
| Tonga | 6.4 | 66 | 1976 - 2023 |
| Finland | 6.3 | 67 | 1960 - 2023 |
| Ireland | 6.3 | 68 | 1960 - 2023 |
| Lesotho | 6.3 | 69 | 1974 - 2023 |
| Bosnia & Herz. | 6.1 | 70 | 2006 - 2023 |
| Morocco | 6.1 | 71 | 1960 - 2023 |
| South Africa | 6.1 | 72 | 1960 - 2023 |
| Philippines | 6 | 73 | 1960 - 2023 |
| Germany | 5.9 | 74 | 1960 - 2023 |
| Namibia | 5.9 | 75 | 2003 - 2023 |
| Palestine | 5.9 | 76 | 1997 - 2023 |
| Senegal | 5.9 | 77 | 1968 - 2023 |
| Solomon Isl. | 5.9 | 78 | 1972 - 2023 |
| Uruguay | 5.9 | 79 | 1960 - 2023 |
| New Zealand | 5.7 | 80 | 1960 - 2023 |
| Australia | 5.6 | 81 | 1960 - 2023 |
| India | 5.6 | 82 | 1960 - 2023 |
| Italy | 5.6 | 83 | 1960 - 2023 |
| Mexico | 5.5 | 84 | 1960 - 2023 |
| Norway | 5.5 | 85 | 1960 - 2023 |
| Uganda | 5.4 | 86 | 1994 - 2023 |
| Ant.& Barb. | 5.1 | 87 | 1999 - 2023 |
| Botswana | 5.1 | 88 | 1975 - 2023 |
| Malta | 5.1 | 89 | 1960 - 2023 |
| Belarus | 5 | 90 | 1993 - 2023 |
| Mauritania | 5 | 91 | 1986 - 2023 |
| France | 4.9 | 92 | 1960 - 2023 |
| Albania | 4.8 | 93 | 1992 - 2023 |
| Domin. Rep. | 4.8 | 94 | 1960 - 2023 |
| Singapore | 4.8 | 95 | 1961 - 2023 |
| Brazil | 4.6 | 96 | 1981 - 2023 |
| Paraguay | 4.6 | 97 | 1960 - 2023 |
| St. Vincent & ... | 4.6 | 98 | 1975 - 2023 |
| Tr.&Tobago | 4.6 | 99 | 1960 - 2023 |
| Belize | 4.4 | 100 | 1981 - 2023 |
| Iraq | 4.4 | 101 | 1960 - 2023 |
| Ivory Coast | 4.4 | 102 | 1961 - 2023 |
| Portugal | 4.3 | 103 | 1960 - 2023 |
| R. of Congo | 4.3 | 104 | 1986 - 2023 |
| Bhutan | 4.2 | 105 | 1981 - 2023 |
| Dominica | 4.2 | 106 | 1967 - 2023 |
| Israel | 4.2 | 107 | 1960 - 2023 |
| Saint Lucia | 4.1 | 108 | 1966 - 2023 |
| USA | 4.1 | 109 | 1960 - 2023 |
| Belgium | 4 | 110 | 1960 - 2023 |
| El Salvador | 4 | 111 | 1960 - 2023 |
| Canada | 3.9 | 112 | 1960 - 2023 |
| Netherlands | 3.8 | 113 | 1960 - 2023 |
| Tanzania | 3.8 | 114 | 1966 - 2023 |
| Cape Verde | 3.7 | 115 | 1984 - 2023 |
| Indonesia | 3.7 | 116 | 1960 - 2023 |
| Luxembourg | 3.7 | 117 | 1960 - 2023 |
| Niger | 3.7 | 118 | 1964 - 2023 |
| Gabon | 3.6 | 119 | 1963 - 2023 |
| Kuwait | 3.6 | 120 | 1973 - 2023 |
| South Korea | 3.6 | 121 | 1960 - 2023 |
| Cyprus | 3.5 | 122 | 1960 - 2023 |
| Greece | 3.5 | 123 | 1960 - 2023 |
| Spain | 3.5 | 124 | 1960 - 2023 |
| Denmark | 3.3 | 125 | 1960 - 2023 |
| Japan | 3.3 | 126 | 1960 - 2023 |
| Vietnam | 3.3 | 127 | 1996 - 2023 |
| Bahamas | 3.1 | 128 | 1967 - 2023 |
| C.A. Republic | 3 | 129 | 1981 - 2023 |
| Qatar | 3 | 130 | 1980 - 2023 |
| Maldives | 2.9 | 131 | 1986 - 2023 |
| Guyana | 2.8 | 132 | 1995 - 2023 |
| Benin | 2.7 | 133 | 1993 - 2023 |
| Grenada | 2.7 | 134 | 1977 - 2023 |
| Bolivia | 2.6 | 135 | 1960 - 2023 |
| Georgia | 2.5 | 136 | 1995 - 2023 |
| Malaysia | 2.5 | 137 | 1960 - 2023 |
| Libya | 2.4 | 138 | 1965 - 2023 |
| Papua N.G. | 2.3 | 139 | 1972 - 2023 |
| Saudi Arabia | 2.3 | 140 | 1964 - 2023 |
| Ecuador | 2.2 | 141 | 1960 - 2023 |
| Cambodia | 2.1 | 142 | 1995 - 2023 |
| Fiji | 2.1 | 143 | 1970 - 2023 |
| Hong Kong | 2.1 | 144 | 1982 - 2023 |
| Jordan | 2.1 | 145 | 1970 - 2023 |
| Mali | 2.1 | 146 | 1989 - 2023 |
| Switzerland | 2.1 | 147 | 1960 - 2023 |
| Armenia | 2 | 148 | 1994 - 2023 |
| UA Emirates | 1.6 | 149 | 2008 - 2023 |
| Djibouti | 1.5 | 150 | 1980 - 2023 |
| Panama | 1.5 | 151 | 1960 - 2023 |
| Thailand | 1.2 | 152 | 1960 - 2023 |
| Oman | 1 | 153 | 2001 - 2023 |
| Burkina Faso | 0.7 | 154 | 1960 - 2023 |
| Costa Rica | 0.5 | 155 | 1960 - 2023 |
| Macao | 0.5 | 156 | 1989 - 2023 |
| Brunei | 0.4 | 157 | 1981 - 2023 |
| China | 0.2 | 158 | 1987 - 2023 |
| Bahrain | 0.1 | 159 | 1966 - 2023 |
| Seychelles | -1 | 160 | 1971 - 2023 |
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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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.
221.3
53.9
51.6
47.6
44.6
38.1
36.8
33.9
31.2
30.8
30.2
28.8
26.9
24.7
21.3
19.8
17.1
17.0
16.5
14.7
13.6
13.4
12.8
12.8
12.4
11.7
11.5
10.9
10.8
10.8
10.7
10.5
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9.9
9.9
9.8
9.4
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9.1
8.9
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8.7
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8.5
8.4
7.9
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6.8
6.7
6.5
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6.1
6.0
5.9
5.9
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5.9
5.9
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5.7
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5.5
5.5
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5.0
5.0
4.9
4.8
4.8
4.8
4.6
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4.6
4.4
4.4
4.4
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4.0
4.0
3.9
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3.8
3.7
3.7
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3.6
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3.5
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3.5
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3.0
2.9
2.8
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2.1
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2.0
1.6
1.5
1.5
1.2
1.0
0.7
0.5
0.5
0.4
0.2
0.1
-1.0
-1
54.6
110.2
165.7
221.3