International Cost of Living Calculators

2023 International cost of living and hardship / quality of living data for 780 global locations. We provide internet friendly services and our employees work virtually, keeping you safe, enabling you with technology that delivers faster.

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Latest International Inflation Rates

Latest International Inflation Rates in 2023

Global Cost of Living Crises 2023

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 below $90 in 2023.
Oil prices and inflation may have peaked, but housing (mortgages and energy in particular) as well as food related costs are still rising. Wages are rising substantially as a result of inflation. Inflation has now spread to all cost of living baskets. Relatively 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 was battling high inflation with consumer prices hitting a 40-year record of 9.1% in June 2022 but recently down to 4.9% in April 2023. The UK is still experiencing a cost of living crises, with Brexit related price / cost / trade barrier increases combined with the impact of the war in Ukraine hitting energy and food prices in particular. Inflation hit 11.1% in October 2022, the highest in 40 years and is still very high at 8.7% in April 2023. Food price inflation in the UK is still almost 20%. By comparison, the European Union inflation rate is 8.1% as at April 2023.

Inflation Outlook for 2023 and Beyond

There is still a risk of a global recession despite low levels of unemployment. A number of banks have failed this year.

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, particularly in USD. In 2023 it is expected that inflation will fall slightly in most countries. Although inflation will generally remain high, the view of most economists is that the peak has been reached globally. This should bring some relief to struggling households during 2023.

What is the current rate of inflation in 2023?

The latest available inflation rate for all countries world wide (as available on 26 May 2023) are as follows:

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