Switch to desktop mode for a better experience.

Worldwide Inflation rate from 1980 to 2029, by countries

UID: EC-20240819-WORLD-06, EC-20240819-WORLD-07

Download

Meta Data

Source

IMF

Last Updated

August 20, 2024

Time Range

1980 – 2029

Periodicity

Annual

Overview

The rate at which prices for goods and services are generally rising and, as a result, currency’s purchasing power is declining is known as inflation. Central banks attempt to limit inflation—and avoid deflation—in order to keep the economy running smoothly. Each unit of currency may purchase fewer products and services as prices rise. This results in a reduction in the actual value of money, a process that impacts every level of the economy, from consumers to governments. The percentage change in the cost of a basket of goods and services over a certain time period, often a year, is measured by the inflation rate. It’s a key metric for assessing the health of an economy, showing how much more expensive everyday goods and services have become.

The change in the average price level of a basket of goods and services over a year is represented by the inflation rate average consumer prices (annual per cent change). It’s calculated by taking the average of prices across all months of a given year compared to the previous year. This metric is determined by averaging monthly price data and comparing it to the average of the previous year. It provides a broader view of inflation trends across a longer time frame, smoothing out any short-term volatility.

The Inflation rate, end of period consumer prices (annual per cent change) reflects the price level change from the end of one period (typically December) to the end of the next period (the following December). Instead of taking an average, this rate focuses on the price level at a specific point in time, providing a snapshot of inflation. It’s calculated by comparing the Consumer Price Index (CPI) of the final month of the year with the CPI of the last month of the previous year.

Trends & Insights

This is a comprehensive analysis of global inflation rates in 2024, examining both average and end-of-period consumer prices across countries and regions. In terms of average inflation rates, several countries are experiencing severe inflationary pressures. Zimbabwe leads with an alarming 561% average inflation rate, with an even higher end-of-period rate of 602.7%, indicating worsening conditions throughout the year. Argentina follows with 249.8% average inflation, though its end-of-period rate is expected to moderate to 149.4%, suggesting some potential stabilization efforts taking effect. Sudan faces severe challenges with 145.5% average inflation, while Venezuela maintains a 100% average rate with a concerning uptick to 160% by year-end. A second tier of high-inflation countries includes Turkey (Republic of) at 59.5% average inflation (improving to 45% by year-end), South Sudan at 54.8%, Sierra Leone at 39.1%, and Iran at 37.5%. Egypt’s relatively high inflation rate of 32.5% remains stable throughout the year, indicating persistent economic challenges.

Regional patterns reveal significant disparities. Emerging and Developing Europe shows the highest regional average inflation at 18.8%, followed by Latin America and the Caribbean at 16.7%. The Middle East and Central Asia (15.5%) and Sub-Saharan Africa (15.3%) also face significant inflationary pressures. However, most of these regions show improving trends by year-end, with their end-of-period rates lower than their averages. In contrast, advanced economies demonstrate remarkable price stability. The G7 nations maintain an average inflation rate of 2.6%, decreasing to 2.2% by year-end. The Euro area shows similar stability at 2.4% average inflation, settling at 2.3% by year-end. The European Union as a whole maintains 2.7% inflation throughout the year, suggesting consistent monetary policy effectiveness. Emerging and Developing Asia stands out among developing regions with notably low inflation (2.4% average), matching advanced economy levels. This suggests effective inflation management despite development challenges. The ASEAN-5 countries also maintain stable inflation at 2.5%, indicating strong monetary policy frameworks in these emerging Asian economies. The global average (World) inflation rate of 5.9% (improving to 5.3% by year-end) masks significant variations between developed and developing nations. While advanced economies maintain inflation around 2.6%, emerging market and developing economies average 8.3%, though improving to 7.5% by year-end.

A clear divide exists between advanced and developing economies in inflation management. Hyperinflationary conditions persist in several vulnerable economies. Regional variations are significant, with some developing regions showing better control than others. Most regions show improving trends by year-end, suggesting some effectiveness in global inflation management efforts. Asian economies, both developed and developing, demonstrate particularly effective inflation control. This global inflation picture highlights the ongoing challenges in economic stability and monetary policy management, particularly in developing nations. While advanced economies have largely achieved price stability, many developing nations continue to struggle with high inflation, affecting their economic growth and development prospects. The data suggests the need for continued support and policy improvements in high-inflation countries while acknowledging the success of stable inflation management in advanced economies and parts of Asia.

T&Cs for reusing this data 

All data, visualizations, and code generated by 360 Analytika are fully open access. You are free to use, distribute, and reproduce these materials in any medium, provided proper credit is given to the source and authors. We kindly request that you include a backlink to our website/article, when using these materials.

Citation

Please cite this article using proper attribution to 360 Analytika when referencing or sharing our content.

International Monetary Fund. Worldwide inflation rate from 1980 to 2029, by countries (360 Analytika, Ed.) [Dataset]. 360 Analytika. https://360analytika.com/worldwide-inflation-rate-by-countries/

Other Data Explorers