The 21 Countries Experiencing the Worst Inflation Rates
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Chapter 1: Overview of Global Inflation
As consumer inflation in the United States recently surged to 8.5%, many individuals feel the financial strain. This statistic, however, pales in comparison to inflation rates in several other nations. All data presented here reflects annual inflation figures.
Section 1.1: Countries with Severe Inflation Rates
Here’s a look at the top 21 countries grappling with the highest inflation:
Nigeria: 15.7%
Africa's largest economy has faced double-digit inflation since 2016, peaking over 18% in 2021, although it has been gradually declining.
Lithuania: 15.7%
After enjoying inflation rates below 5% for over ten years, Lithuania has seen a steady rise in recent times.
Ghana: 15.7%
Known for hosting Twitter's headquarters in Africa, Ghana's inflation escalated from under 8% in May 2021.
Belarus: 15.9%
Economic sanctions following the invasion of Ukraine contributed to a notable increase in inflation, which rose from 9.9% in February.
Russia: 16.7%
Sanctions due to the ongoing conflict with Ukraine have significantly impacted Russia's economy, causing inflation to rise sharply from around 2% in early 2020.
Sierra Leone: 17.94%
Despite rich mineral resources, this West African nation has seen inflation rise again after a period of decline.
Sri Lanka: 18.7%
With a population of nearly 22 million, inflation in Sri Lanka has risen dramatically from below 4% just a year ago.
Moldova: 22.2%
This small Eastern European country has experienced a rapid increase in inflation, climbing from under 3% last year.
Cuba: 23.3%
Under strict Western sanctions for decades, Cuba's inflation surged from controlled levels to over 60% before stabilizing to 23% in early 2022.
Haiti: 23.95%
Once on a downward trend, inflation in this Caribbean nation spiked again, reaching 23.95% as of January 2022.
Angola: 27.28%
Angola's inflation, persistently high for years, saw a slight decrease recently after years of exceeding 10%.
Ethiopia: 33.6%
Ongoing conflicts have exacerbated Ethiopia's inflation, which has seen a steady rise since early 2021.
Iran: 34.7%
Facing sanctions, Iran has experienced significant inflation, impacting its status as the second-largest economy on this list.
Argentina: 52.3%
Despite being the second-largest economy in South America, Argentina has battled inflation for decades, with recent spikes bringing rates back up.
Turkey: 61.14%
Economic turmoil has plagued Turkey, with inflation soaring past 20% since late 2021, despite high interest rates.
Suriname: 61.5%
This small South American nation has faced a dramatic inflation increase since early 2020.
Zimbabwe: 72.7%
Once experiencing hyperinflation, Zimbabwe's rates have diminished but are still high, fluctuating between the low 50s to current levels.
Syria: 139%
As a country ravaged by war, Syria's inflation numbers are difficult to ascertain, with significant increases noted in recent reports.
Lebanon: 215%
Following a series of crises, Lebanon's inflation peaked around 240% in January 2022, significantly affecting its economy.
Sudan: 260%
A history of conflict has led to extreme inflation in Sudan, which peaked at over 422% in July 2021.
Venezuela: 284%
Often viewed as a symbol of economic collapse, Venezuela's inflation hit staggering heights, although recent reports suggest a gradual decline.
Chapter 2: Insights from Inflation Data
The first video provides a comprehensive overview of inflation rates worldwide by country from 1960 to 2023. This visual representation sheds light on how different nations have coped with inflation over the decades.
The second video highlights the countries with the highest inflation rates, offering insights into the economic challenges they face.
The inflation statistics presented here were sourced from TradingEconomics, a highly recommended platform for economic data.