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 related costs (mortgages and energy in particular) are still rising. Wages are beginning to rise substantially as a result of inflation. Inflation is now spreading 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 is battling high inflation with consumer prices hitting a 40-year record of 9.1% in June (6.5% in December 2022). 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 11.1% in October, the highest in 40 years (10.5 in December 2022). Similarly, the European Union inflation rate is 11.1% as at November 2022.

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, 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 19 January 2023) are as follows:

• 10.2% for Afghanistan as at October 2022.
• 7.4% for Albania as at December 2022.
• 8.6% for Algeria as at November 2022.
• 1.5% for Andorra as at 2020.
• 13.86% for Angola as at December 2022.
• -0.4% for Anguilla as at 2020.
• 1.97% for Antigua and Barbuda as at 2020.
• 94.8% for Argentina as at December 2022.
• 8.3% for Armenia as at December 2022.
• 6.6% for Aruba as at November 2022.
• 7.3% for Australia as at September 2022.
• 10.2% for Austria as at December 2022.
• 13.9% for Azerbaijan as at December 2022.
• 6.5% for Bahamas as at September 2022.
• 3.9% for Bahrain as at November 2022.
• 8.71% for Bangladesh as at December 2022.
• 8.2% for Barbados as at October 2022.
• 12.8% for Belarus as at December 2022.
• 10.35% for Belgium as at December 2022.
• 6.5% for Belize as at November 2022.
• 2.8% for Benin as at December 2022.
• 3.8% for Bermuda as at October 2022.
• 4.59% for Bhutan as at November 2022.
• 3.17% for Bolivia as at November 2022.
• 16.3% for Bosnia and Herzegovina as at November 2022.
• 12.4% for Botswana as at December 2022.
• 5.79% for Brazil as at December 2022.
• 2.1% for British Virgin Islands as at 2020.
• 3.1% for Brunei as at November 2022.
• 16.9% for Bulgaria as at December 2022.
• 9.6% for Burkina Faso as at December 2022.
• 26.8% for Burundi as at November 2022.
• 3.6% for Cambodia as at October 2022.
• 7.69% for Cameroon as at September 2022.
• 6.3% for Canada as at December 2022.
• 7.6% for Cape Verde as at December 2022.
• 9.2% for Cayman Islands as at September 2022.
• 7.7% for Central African Republic as at November 2022.
• 10% for Chad as at November 2022.
• 12.8% for Chile as at December 2022.
• 1.8% for China as at December 2022.
• 13.12% for Colombia as at December 2022.
• 15.9% for Comoros as at September 2022.
• -0.56% for Cook Islands as at September 2022.
• 12.88% for Congo as at November 2022.
• 7.88% for Costa Rica as at December 2022.
• 13.1% for Croatia as at December 2022.
• 40.26% for Cuba as at November 2022.
• 7.9% for Cyprus as at December 2022.
• 15.8% for Czech Republic as at December 2022.
• 8.7% for Denmark as at December 2022.
• 6.1% for Djibouti as at September 2022.
• 1.4% for Dominica as at 2020.
• 7.83% for Dominican Republic as at December 2022.
• 6.7% for East Timor as at November 2022.
• 3.74% for Ecuador as at December 2022.
• 21.3% for Egypt as at December 2022.
• 7.34% for El Salvador as at December 2022.
• 2.9% for Equatorial Guinea as at December 2021.
• 4.5% for Eritrea as at December 2021.
• 17.6% for Estonia as at December 2022.
• 33.8% for Ethiopia as at December 2022.
• 9.2% for Euro Area as at December 2022.
• 11.1% for European Union as at November 2022.
• 10.5% for Falkland Islands as at December 2022.
• 3.6% for Fiji as at December 2022.
• 9.1% for Finland as at December 2022.
• 5.9% for France as at December 2022.
• 5.9% for French Guiana as at December 2022.
• 5.9% for French Polynesia as at December 2022.
• 5.7% for Gabon as at October 2022.
• 13.24% for Gambia as at October 2022.
• 9.8% for Georgia as at December 2022.
• 8.6% for Germany as at December 2022.
• 54.1% for Ghana as at December 2022.
• 9.2% for Gibraltar as at December 2022.
• 7.2% for Greece as at December 2022.
• 8.7% for Greenland as at December 2022.
• 1.1% for Grenada as at 2020.
• 0.6% for Guadeloupe as at 2020.
• 2.3% for Guam as at 2020.
• 9.24% for Guatemala as at December 2022.
• 10.5% for Guernsey as at December 2022.
• 12.4% for Guinea as at July 2022.
• 9.4% for Guinea Bissau as at November 2022.
• 6.93% for Guyana as at November 2022.
• 47.2% for Haiti as at October 2022.
• 9.8% for Honduras as at December 2022.
• 1.8% for Hong Kong as at November 2022.
• 24.5% for Hungary as at December 2022.
• 9.6% for Iceland as at December 2022.
• 5.72% for India as at December 2022.
• 5.51% for Indonesia as at December 2022.
• 52.2% for Iran as at August 2022.
• 4.2% for Iraq as at November 2022.
• 8.2% for Ireland as at December 2022.
• 10.5% for Isle of Man as at December 2022.
• 5.3% for Israel as at December 2022.
• 11.6% for Italy as at December 2022.
• 5.7% for Ivory Coast as at November 2022.
• 10.3% for Jamaica as at November 2022.
• 3.8% for Japan as at November 2022.
• 10.5% for Jersey as at December 2022.
• 4.35% for Jordan as at December 2022.
• 20.3% for Kazakhstan as at December 2022.
• 9.1% for Kenya as at December 2022.
• 2.1% for Kiribati as at 2020.
• 2.1% for Kiribati as at 2020.
• 3.2% for Kuwait as at November 2022.
• 14.7% for Kyrgyzstan as at December 2022.
• 39.27% for Laos as at December 2022.
• 20.8% for Latvia as at December 2022.
• 142% for Lebanon as at November 2022.
• 8.5% for Lesotho as at October 2022.
• 7.23% for Liberia as at September 2022.
• 3.8% for Libya as at November 2022.
• 2.8% for Liechtenstein as at December 2022.
• 21.7% for Lithuania as at December 2022.
• 5.4% for Luxembourg as at December 2022.
• 0.76% for Macau as at November 2022.
• 14.2% for Macedonia as at December 2022.
• 10.83% for Madagascar as at November 2022.
• 25.8% for Malawi as at November 2022.
• 4% for Malaysia as at November 2022.
• 2.84% for the Maldives as at November 2022.
• 8% for Mali as at November 2022.
• 7.3% for Malta as at December 2022.
• 0.16% for Marshall Islands as at 2020.
• 1.2% for Martinique as at 2020.
• 11% for Mauritania as at December 2022.
• 12.2% for Mauritius as at December 2022.
• 7.82% for Mexico as at December 2022.
• 2% for Micronesia as at 2020.
• 30.24% for Moldova as at December 2022.
• 11.6% for Monaco as at December 2022.
• 13.2% for Mongolia as at December 2022.
• 17.2% for Montenegro as at December 2022.
• 1.5% for Montserrat as at 2020.
• 8.3% for Morocco as at November 2022.
• 10.91% for Mozambique as at December 2022.
• 19.55% for Myanmar as at July 2022.
• 6.9% for Namibia as at December 2022.
• 3.8% for Nauru as at 2020.
• 8.08% for Nepal as at November 2022.
• 9.6% for the Netherlands as at December 2022.
• 9.6% for the Netherlands Antilles as at December 2022.
• 4.9% for New Caledonia as at December 2022.
• 7.2% for New Zealand as at September 2022.
• 11.38% for Nicaragua as at November 2022.
• 3.1% for Niger as at December 2022.
• 21.34% for Nigeria as at December 2022.
• 15% for North Korea as at July 2021.
• 1.5% for the Northern Mariana Islands as at 2020.
• 5.9% for Norway as at December 2022.
• 2.06% for Oman as at November 2022.
• 24.5% for Pakistan as at December 2022.
• 2.6% for Palau as at 2020.
• 4.09% for Palestine as at December 2022.
• 2.07% for Panama as at December 2022.
• 6.25% for Papua New Guinea as at September 2022.
• 8.1% for Paraguay as at December 2022.
• 8.46% for Peru as at December 2022.
• 8.1% for Philippines as at December 2022.
• 16.6% for Poland as at December 2022.
• 9.6% for Portugal as at December 2022.
• 6.3% for Puerto Rico as at November 2022.
• 5.93% for Qatar as at December 2022.
• 12.88% for Congo as at November 2022.
• 5.9% for Reunion as at December 2022.
• 16.37% for Romania as at December 2022.
• 11.9% for Russia as at December 2022.
• 31.7% for Rwanda as at December 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.
• 11.1% for San Marino as at November 2022.
• 24.6% for Sao Tome and Principe as at November 2022.
• 3.3% for Saudi Arabia as at December 2022.
• 12.8% for Senegal as at December 2022.
• 15.1% for Serbia as at December 2022.
• 2.53% for Seychelles as at December 2022.
• 35.05% for Sierra Leone as at November 2022.
• 6.7% for Singapore as at November 2022.
• 15.4% for Slovakia as at December 2022.
• 10.3% for Slovenia as at December 2022.
• 9.5% for Solomon Islands as at September 2022.
• 6.1% for Somalia as at December 2022.
• 7.2% for South Africa as at December 2022.
• 5% for South Korea as at December 2022.
• -11.57% for South Sudan as at December 2022.
• 5.7% for Spain as at December 2022.
• 57.2% for Sri Lanka as at December 2022.
• 87.3% for the Sudan as at December 2022.
• 49.4% for Suriname as at November 2022.
• 5.5% for Swaziland as at October 2022.
• 12.3% for Sweden as at December 2022.
• 2.8% for Switzerland as at December 2022.
• 139% for Syria as at August 2020.
• 2.71% for Taiwan as at December 2022.
• 4.5% for Tajikistan as at November 2022.
• 4.8% for Tanzania as at December 2022.
• 5.89% for Thailand as at December 2022.
• 7.7% for Togo as at December 2022.
• 5.3% for Tonga as at 2020.
• 6.2% for Trinidad and Tobago as at September 2022.
• 10.1% for Tunisia as at December 2022.
• 64.27% for Turkey as at December 2022.
• 17.5% for Turkmenistan as at December 2022.
• 2.1% for the Turks and Caicos Islands as at 2020.
• 4.2% for Tuvalu as at 2020.
• 10.2% for Uganda as at December 2022.
• 26.6% for the Ukraine as at December 2022.
• 6.77% for the United Arab Emirates as at June 2022.
• 10.5% for the United Kingdom as at December 2022.
• 6.5% for the United States as at December 2022.
• 8.29% for Uruguay as at December 2022.
• 6.5% for the US Virgin Islands as at December 2022.
• 12.3% for Uzbekistan as at December 2022.
• 2.7% for Vanuatu as at March 2022.
• 156% for Venezuela as at October 2022.
• 4.55% for Vietnam as at December 2022.
• 30.6% for Yemen as at July 2021.
• 9.9% for Zambia as at December 2022.
• 244% for Zimbabwe as at December 2022.

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