Latest International Inflation Rates in 2022

Global Cost of Living Crises 2022

Higher global inflation is creating an international cost of living crises.

Before COVID, oil was around $50–$60. It plunged in 2020, but soon recovered, moved higher, and was around $90 before the Ukraine invasion. After peaking above $100, oil prices are now back around $90 in 2022, still higher than before COVID.
Oil prices may have peaked, but inflation certainly hasn’t. Housing related costs (mortgages and energy in particular) are still rising. Wages are beginning to rise substantially as a result of inflation. Inflation is now spiraling and spreading to all cost of living baskets. High inflation is now widespread and deeply entrenched in most of the global economy. In addition energy prices are unlikely to drop significantly while the war in Ukraine continues. With Russian energy being unavailable to Europe and much of the world, demand will likely exceed supply in global energy markets.

The US economy is battling high inflation with consumer prices hitting a 40-year record of 9.1% in June (8.3% in August). The UK is experiencing a cost of living crises, having been hit by a perfect storm of Brexit, followed by the pandemic and now the war in Ukraine. Inflation hit 10.1% in July followed by 9.9% in August, the highest in 40 years. Similarly, the European Union inflation rate is 9.8% as at July.

Inflation Outlook for 2023 and Beyond

There is a “high probability” of a global recession despite low levels of unemployment.

High inflation, and higher interest rates will probably continue to impact the cost of living globally and put pressure on consumer spending, leading to lower growth rates and economic slowdown. Wages are increasing, but are unlikely to keep pace with the recent high inflation rates, squeezing real household incomes. While better-off families will be able to dip into savings to maintain their spending, poorer households are not able to do this.

High prices for energy and commodities will continue to impact countries in different ways. Producers of oil, gas and other commodities will continue to benefit from higher prices, while non-producing / high-consuming countries will face ever increasing import costs, particulary in USD.

What is the current rate of inflation in 2022?

The latest available inflation rate for all countries world wide (as available on 16 September 2022) are as follows:

• 1.56% for Afghanistan as at June 2021.
• 8% for Albania as at August 2022.
• 10.3% for Algeria as at July 2022.
• 1.5% for Andorra as at 2020.
• 19.78% for Angola as at August 2022.
• -0.4% for Anguilla as at 2020.
• 1.97% for Antigua and Barbuda as at 2020.
• 78.5% for Argentina as at August 2022.
• 9.1% for Armenia as at August 2022.
• 6% for Aruba as at July 2022.
• 6.1% for Australia as at June 2022.
• 9.3% for Austria as at August 2022.
• 14.2% for Azerbaijan as at August 2022.
• 6.2% for the Bahamas as at June 2022.
• 3.9% for Bahrain as at July 2022.
• 7.48% for Bangladesh as at July 2022.
• 11.2% for Barbados as at July 2022.
• 17.9% for Belarus as at August 2022.
• 9.94% for Belgium as at August 2022.
• 7.3% for Belize as at July 2022.
• -1% for Benin as at July 2022.
• 3.7% for Bermuda as at May 2022.
• 6.61% for Bhutan as at July 2022.
• 1.55% for Bolivia as at August 2022.
• 16.7% for Bosnia and Herzegovina as at July 2022.
• 14.6% for Botswana as at August 2022.
• 8.73% for Brazil as at August 2022.
• 2.1% for the British Virgin Islands as at 2020.
• 3.9% for Brunei as at June 2022.
• 17.7% for Bulgaria as at August 2022.
• 18.2% for Burkina Faso as at July 2022.
• 19.06% for Burundi as at July 2022.
• 7.9% for Cambodia as at June 2022.
• 5.99% for Cameroon as at June 2022.
• 7.6% for Canada as at July 2022.
• 8.6% for Cape Verde as at August 2022.
• 12.1% for the Cayman Islands as at June 2022.
• 2.7% for the Central African Republic as at December 2021.
• 6.1% for Chad as at July 2022.
• 14.1% for Chile as at August 2022.
• 2.5% for China as at August 2022.
• 10.84% for Colombia as at August 2022.
• 3.59% for Comoros as at September 2021.
• -0.56% for the Cook Islands as at June 2022.
• 7.8% for Congo as at May 2022.
• 12.13% for Costa Rica as at August 2022.
• 12.3% for Croatia as at August 2022.
• 32.32% for Cuba as at July 2022.
• 8.9% for Cyprus as at August 2022.
• 17.2% for the Czech Republic as at August 2022.
• 8.9% for Denmark as at August 2022.
• 11.6% for Djibouti as at June 2022.
• 1.4% for Dominica as at 2020.
• 8.8% for the Dominican Republic as at August 2022.
• 8% for East Timor as at June 2022.
• 3.77% for Ecuador as at August 2022.
• 14.6% for Egypt as at August 2022.
• 7.66% for El Salvador as at August 2022.
• 2.9% for Equatorial Guinea as at December 2021.
• 4.5% for Eritrea as at December 2021.
• 24.8% for Estonia as at August 2022.
• 32.5% for Ethiopia as at August 2022.
• 9.1% for the Euro Area as at August 2022.
• 9.8% for the European Union as at July 2022.
• 9.9% for the Falkland Islands as at August 2022.
• 5.9% for Fiji as at August 2022.
• 7.6% for Finland as at August 2022.
• 5.9% for France as at August 2022.
• 5.9% for French Guiana as at August 2022.
• 5.9% for French Polynesia as at August 2022.
• 3% for Gabon as at April 2022.
• 12.4% for the Gambia as at July 2022.
• 10.9% for Georgia as at August 2022.
• 7.9% for Germany as at August 2022.
• 33.9% for Ghana as at August 2022.
• 9.1% for Gibraltar as at August 2022.
• 11.4% for Greece as at August 2022.
• 8.9% for Greenland as at August 2022.
• 1.1% for Grenada as at 2020.
• 0.6% for Guadeloupe as at 2020.
• 2.3% for Guam as at 2020.
• 8.36% for Guatemala as at July 2022.
• 9.9% for Guernsey as at August 2022.
• 12.41% for Guinea as at July 2022.
• 7.5% for Guinea Bissau as at July 2022.
• 5.73% for Guyana as at July 2022.
• 30.5% for Haiti as at July 2022.
• 10.4% for Honduras as at August 2022.
• 1.9% for Hong Kong as at July 2022.
• 15.6% for Hungary as at August 2022.
• 9.7% for Iceland as at August 2022.
• 7% for India as at August 2022.
• 4.69% for Indonesia as at August 2022.
• 52.2% for Iran as at August 2022.
• 5.4% for Iraq as at July 2022.
• 8.7% for Ireland as at August 2022.
• 9.9% for the Isle of Man as at August 2022.
• 4.6% for Israel as at August 2022.
• 8.4% for Italy as at August 2022.
• 5.4% for Ivory Coast as at July 2022.
• 10.2% for Jamaica as at July 2022.
• 2.6% for Japan as at July 2022.
• 9.9% for Jersey as at August 2022.
• 5.3% for Jordan as at July 2022.
• 16.1% for Kazakhstan as at August 2022.
• 8.5% for Kenya as at August 2022.
• 2.1% for Kiribati as at 2020.
• 2.1% for Kiribati as at 2020.
• 4.24% for Kuwait as at July 2022.
• 15.6% for Kyrgyzstan as at August 2022.
• 30.1% for Laos as at August 2022.
• 21.5% for Latvia as at August 2022.
• 168% for Lebanon as at July 2022.
• 9.8% for Lesotho as at July 2022.
• 6.48% for Liberia as at July 2022.
• 5% for Libya as at June 2022.
• 3.5% for Liechtenstein as at August 2022.
• 22.4% for Lithuania as at August 2022.
• 6.8% for Luxembourg as at August 2022.
• 1.38% for Macau as at July 2022.
• 16.8% for Macedonia as at August 2022.
• 8.4% for Madagascar as at July 2022.
• 24.6% for Malawi as at July 2022.
• 4.4% for Malaysia as at July 2022.
• 2.5% for the Maldives as at July 2022.
• 7.5% for Mali as at February 2022.
• 7% for Malta as at August 2022.
• 0.16% for the Marshall Islands as at 2020.
• 1.2% for Martinique as at 2020.
• 10.6% for Mauritania as at July 2022.
• 11.5% for Mauritius as at August 2022.
• 8.7% for Mexico as at August 2022.
• 2% for Micronesia as at 2020.
• 34.29% for Moldova as at August 2022.
• 8.4% for Monaco as at August 2022.
• 15.7% for Mongolia as at July 2022.
• 15% for Montenegro as at August 2022.
• 1.5% for Montserrat as at 2020.
• 7.7% for Morocco as at July 2022.
• 12.1% for Mozambique as at August 2022.
• 17.78% for Myanmar as at April 2022.
• 7.3% for Namibia as at August 2022.
• 3.8% for Nauru as at 2020.
• 8.08% for Nepal as at July 2022.
• 12% for the Netherlands as at August 2022.
• 12% for the Netherlands Antilles as at August 2022.
• 3.9% for New Caledonia as at July 2022.
• 7.3% for New Zealand as at June 2022.
• 11.46% for Nicaragua as at July 2022.
• 3.8% for Niger as at July 2022.
• 20.52% for Nigeria as at August 2022.
• 15% for North Korea as at July 2021.
• 1.5% for the Northern Mariana Islands as at 2020.
• 6.5% for Norway as at August 2022.
• 2.6% for Oman as at July 2022.
• 27.26% for Pakistan as at August 2022.
• 2.6% for Palau as at 2020.
• 3.16% for Palestine as at August 2022.
• 3.51% for Panama as at July 2022.
• 6.9% for Papua New Guinea as at March 2022.
• 10.5% for Paraguay as at August 2022.
• 8.41% for Peru as at August 2022.
• 6.3% for Philippines as at August 2022.
• 16.1% for Poland as at August 2022.
• 8.9% for Portugal as at August 2022.
• 7.2% for Puerto Rico as at July 2022.
• 4.8% for Qatar as at August 2022.
• 7.8% for Congo as at May 2022.
• 5.9% for Reunion as at August 2022.
• 15.32% for Romania as at August 2022.
• 14.3% for Russia as at August 2022.
• 20.4% for Rwanda as at August 2022.
• 4.1% for Saint Helena as at 2020.
• 1.97% for Saint Kitts and Nevis as at 2020.
• 1.95% for Saint Lucia as at 2020.
• 2% for Saint Vincent and the Grenadines as at 2020.
• 5.1% for Samoa as at 2020.
• 9.8% for San Marino as at July 2022.
• 18.5% for Sao Tome and Principe as at July 2022.
• 3% for Saudi Arabia as at August 2022.
• 11.3% for Senegal as at August 2022.
• 13.2% for Serbia as at August 2022.
• 2.82% for Seychelles as at August 2022.
• 29.5% for Sierra Leone as at July 2022.
• 7% for Singapore as at July 2022.
• 14.07% for Slovakia as at August 2022.
• 11% for Slovenia as at August 2022.
• 0.6% for the Solomon Islands as at March 2022.
• 7.7% for Somalia as at July 2022.
• 7.8% for South Africa as at July 2022.
• 5.7% for South Korea as at August 2022.
• 6.43% for South Sudan as at July 2022.
• 10.5% for Spain as at August 2022.
• 64.3% for Sri Lanka as at August 2022.
• 125% for the Sudan as at July 2022.
• 49.2% for Suriname as at July 2022.
• 4.6% for Swaziland as at June 2022.
• 9.8% for Sweden as at August 2022.
• 3.5% for Switzerland as at August 2022.
• 139% for Syria as at August 2021.
• 2.66% for Taiwan as at August 2022.
• 8.3% for Tajikistan as at July 2022.
• 4.6% for Tanzania as at August 2022.
• 7.86% for Thailand as at August 2022.
• 7% for Togo as at August 2022.
• 5.3% for Tonga as at 2020.
• 4.9% for Trinidad and Tobago as at June 2022.
• 8.6% for Tunisia as at August 2022.
• 80.21% for Turkey as at August 2022.
• 14.95% for Turkmenistan as at December 2021.
• 2.1% for the Turks and Caicos Islands as at 2020.
• 4.2% for Tuvalu as at 2020.
• 9% for Uganda as at August 2022.
• 23.8% for the Ukraine as at August 2022.
• 2.5% for the United Arab Emirates as at December 2021.
• 9.9% for the United Kingdom as at August 2022.
• 8.3% for the United States as at August 2022.
• 9.53% for Uruguay as at August 2022.
• 8.3% for the US Virgin Islands as at August 2022.
• 12.3% for Uzbekistan as at July 2022.
• 2.7% for Vanuatu as at March 2022.
• 114% for Venezuela as at August 2022.
• 2.89% for Vietnam as at August 2022.
• 30.6% for Yemen as at July 2021.
• 9.8% for Zambia as at August 2022.
• 285% for Zimbabwe as at August 2022.

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