Which Countries Have The Highest Inflation Rates?

In 2023, Argentina ranked first in the world ranking of countries in terms of inflation, ahead of Venezuela, which had previously led the list for a long time. According to data provided by RIA, in December in Argentina there was a devaluation of the national currency, which led to a significant increase in prices. Inflation in the country reached 211%, which is significantly higher than the previous month (161%) and the figure of a year ago (95%), El.kz reports .

In second place in the ranking was Lebanon, where inflation increased by 70 percentage points over the year, reaching 192%. Venezuela, which was previously the leader in this indicator, dropped to third place with an inflation rate of 190%, down from last year's figure of 234%.

The top five countries with the highest annual inflation also included Turkey and Sierra Leone, where inflation was 65% and 52%, respectively.

In addition, at the end of 2023, more than 30% inflation was observed in a number of countries, including Iran (40%), Malawi (35%), Egypt (34%), Suriname (33%) and Cuba (31%). Inflation above 20% was also recorded in eight other countries, including Pakistan, Nigeria, Ethiopia and Zimbabwe.

In Europe, at the end of the year, the highest inflation rate was recorded in Iceland, reaching 7.7%, while Italy had the lowest rates - only 0.7%. In the Middle East region, Lebanon topped the list of countries with the largest price increases, while Oman showed the lowest inflation rate of 0.5%. Among Asian countries, the largest annual price increase was recorded in Pakistan, while in Georgia, inflation was the lowest at only 0.4%.

In December 2023, half of the world's countries recorded annual price growth rates above 4.2%. In this context, Russia showed inflation of 7.4%, which is less compared to 11.9% in the previous year, and ranked 35th in the world ranking, being between Serbia with inflation of 7.6% and Kyrgyzstan with 7.3%.

130 countries recorded a year-on-year slowdown in inflation, with the largest decline occurring in Zimbabwe, by 217 percentage points. However, it is worth noting that such a sharp slowdown is due to changes in the calculation methodology in this country. At the same time, 20 countries saw an acceleration in the rate of price growth, with the highest increase recorded in Argentina.

The study was conducted by RIA based on data from the national statistical services of 193 UN member states. The final analysis included data from 151 countries that provided information for December 2023 at the beginning of February.

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