Lebanon faces worst inflation rate in the world, followed by Zimbabwe and Sudan, according to ‘Trading Economics’, which sources data from governments.
Since January 2022, India’s inflation rate—the average yearly change in the price of a basket of goods (Consumer Price Index)—has been hovering above its upper tolerance limit of 6%.
Almost all consumer commodities have become somewhat more expensive, from edible oils to food items to fuel. The average Indian is not even close to experiencing the price pinch that citizens in more than 100 other nations are currently experiencing, according to research.
India, with its 7.04 percent inflation rate (reported in May 2022), ranks 108 out of a total of 172 countries for whom the most recent inflation data was available, according to inflation figures compiled by the data repository website tradingeconomics.com.
Inflation rates were more than 10% in 63 of the 172 countries, according to the data, and lower than 10% in the remaining 172 countries, including India
Inflation rate highest in Lebanon, Zimbabwe & Sudan
According to Trading Economics. Two African countries, Zimbabwe and Sudan, have the highest inflation rates of 192 per cent each. The country has also been known to print more money, which has failed to control the country’s price surge. Inflation rates are above 50 per cent in two South American countries too, according to Trading Economics.
Sudan is followed by Venezuela, which used to be at the top of the list some years ago. According to the Organisation of Petroleum Exporting Countries (OPEC) — a grouping of 13 countries whose aim is to ensure stabilisation of oil markets for efficient, economic and regular supply of petroleum — more than 99 per cent of Venezuela’s export earnings come from oil.
A special administrative area of China called Macau recorded 1.1% inflation in May. China and Japan have the lowest inflation rates among the big economies (largest GDP). Germany (7.9%), the US (8.6%), and India are three more significant economies with inflation rates above 7%. However, these are relatively small nations, with a combined population of little over 21 million.
Macau, a special administrative territory of China, reported the lowest inflation rate in the world in May at 1.1%. It was followed by Hong Kong, which is also a special administrative region of China, with a rate of 1.2%, the Maldives with 1.2%, Gabon with 1.2%, and Bolivia with 1.2%. (1.4 per cent).
(Curtesy The Print)