Inflation - Country rankings
* indicates monthly or quarterly data series
Inflation: percent change in the Consumer Price Index, 2024:
The average for 2024 based on 155 countries was 6 percent. The highest value was in Turkey: 58.5 percent and the lowest value was in Afghanistan: -6.6 percent. The indicator is available from 1960 to 2024. 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, 2024 | Global rank | Available data |
|---|---|---|---|
| Turkey | 58.5 | 1 | 1960 - 2024 |
| Palestine | 53.7 | 2 | 1997 - 2024 |
| Lebanon | 45.2 | 3 | 2009 - 2024 |
| Nigeria | 33.2 | 4 | 1960 - 2024 |
| Iran | 32.5 | 5 | 1960 - 2024 |
| Malawi | 32.2 | 6 | 1981 - 2024 |
| Sierra Leone | 28.6 | 7 | 2007 - 2024 |
| Egypt | 28.3 | 8 | 1960 - 2024 |
| Angola | 28.2 | 9 | 1991 - 2024 |
| Haiti | 26.9 | 10 | 1960 - 2024 |
| Laos | 23.1 | 11 | 1989 - 2024 |
| Ghana | 22.8 | 12 | 1965 - 2024 |
| Ethiopia | 21 | 13 | 1966 - 2024 |
| Burundi | 20.2 | 14 | 1966 - 2024 |
| Suriname | 16.2 | 15 | 1960 - 2024 |
| Zambia | 15 | 16 | 1986 - 2024 |
| S.T.&Principe | 14.4 | 17 | 1997 - 2024 |
| Pakistan | 12.6 | 18 | 1960 - 2024 |
| Gambia | 11.6 | 19 | 1962 - 2024 |
| Bangladesh | 10.5 | 20 | 1987 - 2024 |
| Uzbekistan | 9.6 | 21 | 2011 - 2024 |
| Niger | 9.1 | 22 | 1964 - 2024 |
| Chad | 8.9 | 23 | 1984 - 2024 |
| Kazakhstan | 8.8 | 24 | 1994 - 2024 |
| Guinea | 8.1 | 25 | 2005 - 2024 |
| Tunisia | 7.2 | 26 | 1984 - 2024 |
| Mongolia | 6.8 | 27 | 1993 - 2024 |
| Colombia | 6.6 | 28 | 1960 - 2024 |
| Ukraine | 6.5 | 29 | 1993 - 2024 |
| Ant.& Barb. | 6.2 | 30 | 1999 - 2024 |
| Lesotho | 6.1 | 31 | 1974 - 2024 |
| Iceland | 5.9 | 32 | 1960 - 2024 |
| Belarus | 5.8 | 33 | 1993 - 2024 |
| Romania | 5.7 | 34 | 1991 - 2024 |
| Jamaica | 5.4 | 35 | 1960 - 2024 |
| Bolivia | 5.1 | 36 | 1960 - 2024 |
| India | 5 | 37 | 1960 - 2024 |
| Uruguay | 4.8 | 38 | 1960 - 2024 |
| Mexico | 4.7 | 39 | 1960 - 2024 |
| Moldova | 4.7 | 40 | 1992 - 2024 |
| Serbia | 4.7 | 41 | 1995 - 2024 |
| Honduras | 4.6 | 42 | 1960 - 2024 |
| Nicaragua | 4.6 | 43 | 2000 - 2024 |
| Cameroon | 4.5 | 44 | 1969 - 2024 |
| Fiji | 4.5 | 45 | 1970 - 2024 |
| Kenya | 4.5 | 46 | 1960 - 2024 |
| Brazil | 4.4 | 47 | 1981 - 2024 |
| South Africa | 4.4 | 48 | 1960 - 2024 |
| Chile | 4.3 | 49 | 1971 - 2024 |
| Burkina Faso | 4.2 | 50 | 1960 - 2024 |
| Namibia | 4.2 | 51 | 2003 - 2024 |
| Mozambique | 4.1 | 52 | 2005 - 2024 |
| Algeria | 4 | 53 | 1970 - 2024 |
| G.-Bissau | 3.8 | 54 | 1988 - 2024 |
| Paraguay | 3.8 | 55 | 1960 - 2024 |
| Poland | 3.8 | 56 | 1971 - 2024 |
| Hungary | 3.7 | 57 | 1973 - 2024 |
| Mauritius | 3.6 | 58 | 1964 - 2024 |
| St. Vincent & ... | 3.6 | 59 | 1975 - 2024 |
| Vietnam | 3.6 | 60 | 1996 - 2024 |
| Estonia | 3.5 | 61 | 1993 - 2024 |
| Ivory Coast | 3.5 | 62 | 1961 - 2024 |
| North Macedonia | 3.5 | 63 | 1994 - 2024 |
| Belize | 3.3 | 64 | 1981 - 2024 |
| Domin. Rep. | 3.3 | 65 | 1960 - 2024 |
| Montenegro | 3.3 | 66 | 2006 - 2024 |
| Netherlands | 3.3 | 67 | 1960 - 2024 |
| Uganda | 3.3 | 68 | 1994 - 2024 |
| UK | 3.3 | 69 | 1960 - 2024 |
| Australia | 3.2 | 70 | 1960 - 2024 |
| Mali | 3.2 | 71 | 1989 - 2024 |
| Philippines | 3.2 | 72 | 1960 - 2024 |
| Tonga | 3.2 | 73 | 1976 - 2024 |
| Belgium | 3.1 | 74 | 1960 - 2024 |
| Israel | 3.1 | 75 | 1960 - 2024 |
| Norway | 3.1 | 76 | 1960 - 2024 |
| R. of Congo | 3.1 | 77 | 1986 - 2024 |
| Tanzania | 3.1 | 78 | 1966 - 2024 |
| Croatia | 3 | 79 | 1986 - 2024 |
| Austria | 2.9 | 80 | 1960 - 2024 |
| Guatemala | 2.9 | 81 | 1960 - 2024 |
| Guyana | 2.9 | 82 | 1995 - 2024 |
| Kuwait | 2.9 | 83 | 1973 - 2024 |
| New Zealand | 2.9 | 84 | 1960 - 2024 |
| Togo | 2.9 | 85 | 1967 - 2024 |
| USA | 2.9 | 86 | 1960 - 2024 |
| Bhutan | 2.8 | 87 | 1981 - 2024 |
| Botswana | 2.8 | 88 | 1975 - 2024 |
| Slovakia | 2.8 | 89 | 1992 - 2024 |
| Spain | 2.8 | 90 | 1960 - 2024 |
| Sweden | 2.8 | 91 | 1960 - 2024 |
| Greece | 2.7 | 92 | 1960 - 2024 |
| Japan | 2.7 | 93 | 1960 - 2024 |
| Dominica | 2.6 | 94 | 1967 - 2024 |
| Mauritania | 2.5 | 95 | 1986 - 2024 |
| Bulgaria | 2.4 | 96 | 1986 - 2024 |
| Canada | 2.4 | 97 | 1960 - 2024 |
| Czechia | 2.4 | 98 | 1992 - 2024 |
| Portugal | 2.4 | 99 | 1960 - 2024 |
| Singapore | 2.4 | 100 | 1961 - 2024 |
| Germany | 2.3 | 101 | 1960 - 2024 |
| South Korea | 2.3 | 102 | 1960 - 2024 |
| Albania | 2.2 | 103 | 1992 - 2024 |
| Azerbaijan | 2.2 | 104 | 1992 - 2024 |
| Palau | 2.2 | 105 | 2002 - 2024 |
| Samoa | 2.2 | 106 | 1962 - 2024 |
| Djibouti | 2.1 | 107 | 1980 - 2024 |
| Ireland | 2.1 | 108 | 1960 - 2024 |
| Libya | 2.1 | 109 | 1965 - 2024 |
| Luxembourg | 2.1 | 110 | 1960 - 2024 |
| France | 2 | 111 | 1960 - 2024 |
| Peru | 2 | 112 | 1960 - 2024 |
| Slovenia | 2 | 113 | 1981 - 2024 |
| Cyprus | 1.8 | 114 | 1960 - 2024 |
| Malaysia | 1.8 | 115 | 1960 - 2024 |
| Rwanda | 1.8 | 116 | 1967 - 2024 |
| Bosnia & Herz. | 1.7 | 117 | 2006 - 2024 |
| Hong Kong | 1.7 | 118 | 1982 - 2024 |
| Malta | 1.7 | 119 | 1960 - 2024 |
| Saudi Arabia | 1.7 | 120 | 1964 - 2024 |
| UA Emirates | 1.7 | 121 | 2008 - 2024 |
| Finland | 1.6 | 122 | 1960 - 2024 |
| Jordan | 1.6 | 123 | 1970 - 2024 |
| Ecuador | 1.5 | 124 | 1960 - 2024 |
| Denmark | 1.4 | 125 | 1960 - 2024 |
| Maldives | 1.4 | 126 | 1986 - 2024 |
| Thailand | 1.4 | 127 | 1960 - 2024 |
| Latvia | 1.3 | 128 | 1992 - 2024 |
| Qatar | 1.3 | 129 | 1980 - 2024 |
| Benin | 1.2 | 130 | 1993 - 2024 |
| Gabon | 1.2 | 131 | 1963 - 2024 |
| San Marino | 1.2 | 132 | 2004 - 2024 |
| Georgia | 1.1 | 133 | 1995 - 2024 |
| Grenada | 1.1 | 134 | 1977 - 2024 |
| Switzerland | 1.1 | 135 | 1960 - 2024 |
| Cape Verde | 1 | 136 | 1984 - 2024 |
| Italy | 1 | 137 | 1960 - 2024 |
| Morocco | 1 | 138 | 1960 - 2024 |
| Bahrain | 0.9 | 139 | 1966 - 2024 |
| El Salvador | 0.9 | 140 | 1960 - 2024 |
| Senegal | 0.8 | 141 | 1968 - 2024 |
| Lithuania | 0.7 | 142 | 1992 - 2024 |
| Panama | 0.7 | 143 | 1960 - 2024 |
| Papua N.G. | 0.6 | 144 | 1972 - 2024 |
| Tr.&Tobago | 0.5 | 145 | 1960 - 2024 |
| Bahamas | 0.4 | 146 | 1967 - 2024 |
| Armenia | 0.3 | 147 | 1994 - 2024 |
| Seychelles | 0.3 | 148 | 1971 - 2024 |
| China | 0.2 | 149 | 1987 - 2024 |
| Saint Lucia | -0.1 | 150 | 1966 - 2024 |
| Brunei | -0.4 | 151 | 1981 - 2024 |
| Costa Rica | -0.4 | 152 | 1960 - 2024 |
| Sri Lanka | -0.4 | 153 | 1960 - 2024 |
| Barbados | -0.5 | 154 | 1967 - 2024 |
| Afghanistan | -6.6 | 155 | 2005 - 2024 |
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. This indicator denotes the percentage change over each previous year of the constant price (base year 2015) series in United States dollars.
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.
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