Latest International Inflation Rates in 2022

Global Cost of Living Crises 2022

The global inflation surge is creating an international cost of living crises.

The Russia-Ukraine conflict has pushed oil prices over the $100 mark, significantly above the $60 we saw in 2021. Gas, food and other global commodity prices have risen sharply. Wheat prices hit a record high in March with the expectation that exports from Ukraine and Russia would be severely disrupted.

The bounce-back from the pandemic had already put upward pressure on prices as global demand has exceeded global supply for a variety of reasons. Local supply chains are stretched, leading to cost increases for manufacturers. In addition labour markets have tightened in many countries due to the demand for skills exceeding supply in the short-term, which is putting upward pressure on wages.

The US economy is battling high inflation with consumer prices hitting a 40-year record of 8.6% in May. Consumer prices are being driven by record food, commodity and energy prices resulting from supply chain disruption, the war in Ukraine and higher demand after the lifting of pandemic restrictions.

The UK is experiencing a cost of living crises. The UK economy has been hit by a perfect storm of Brexit, followed by the pandemic and now the war in Ukraine. Inflation hit 9.1% in May, the highest in 40 years, due to post-pandemic economic recovery issues, Brexit supply chain challenges and dramatic increases in fuel and energy prices exasperated by the war in Ukraine. Similarly, the European Union inflation rate is 8.8% as at May. A 44% increase in energy costs is also driving up food prices.

China's latest inflation rate is 2.1% as at May 2022. China's inflation rate and GDP may be about to take a big hit. While the rest of the world is emerging from the Covid pandemic, China has been dealing with it's most serious outbreak since early April and has imposed severe restrictions and lock-down's. The economic effects may only be starting, but the number of ships waiting near Shanghai ports is double that of last year, which was already well above average. The ships can’t unload or be loaded due to workers being in lock-down, so the ships are piling up. While consumer demand and business spending in the west remains strong for the moment, many people are waiting for shipments from China that isn’t going to arrive soon, resulting in further inflation pressure as prices rise for goods that are suddenly in short supply. Chinese supply issues, combined with food and energy prices that were already rising even before the Russia-Ukraine war, could create a perfect global inflationary storm both in the developed world and in China, which in turn will weaken growth around the world.

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 dramatically increase the cost of living globally and put pressure on on consumer spending, leading to lower growth rates and economic slowdown. Though wages are increasing due to the increase in the cost of living, they are unlikely to keep pace with the high inflation rates of 2022 and 2023, resulting in an inevitable squeeze on 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.

There is also likely to be continued disruption to trade flows and supply chains into 2023 that started post-pandemic. The war in Ukraine will disrupt commodities such as the supply of food to many countries. High prices for energy and commodities will impact countries in different ways. Producers of oil, gas and other commodities will benefit from higher prices, while non-producing / high-consuming countries will face higher import costs.

What is the current rate of inflation in 2022?

The latest available inflation rate for all countries world wide (as available on 23 June 2022) are as follows:

• 1.56% for Afghanistan as at June 2021.
• 6.7% for Albania as at May 2022.
• 9.8% for Algeria as at March 2022.
• 1.5% for Andorra as at 2020.
• 24.42% for Angola as at May 2022.
• -0.4% for Anguilla as at 2020.
• 1.97% for Antigua and Barbuda as at 2020.
• 60.7% for Argentina as at May 2022.
• 9% for Armenia as at May 2022.
• 4.7% for Aruba as at April 2022.
• 5.1% for Australia as at March 2022.
• 7.7% for Austria as at May 2022.
• 12.6% for Azerbaijan as at May 2022.
• 4.1% for the Bahamas as at December 2021.
• 3.5% for Bahrain as at April 2022.
• 7.42% for Bangladesh as at May 2022.
• 9.3% for Barbados as at March 2022.
• 17% for Belarus as at May 2022.
• 8.97% for Belgium as at May 2022.
• 5.8% for Belize as at April 2022.
• 2% for Benin as at April 2022.
• 2.5% for Bermuda as at February 2022.
• 5.79% for Bhutan as at April 2022.
• 1.41% for Bolivia as at May 2022.
• 13.2% for Bosnia and Herzegovina as at April 2022.
• 11.9% for Botswana as at May 2022.
• 11.73% for Brazil as at May 2022.
• 2.1% for the British Virgin Islands as at 2020.
• 3.2% for Brunei as at February 2022.
• 15.6% for Bulgaria as at May 2022.
• 15.3% for Burkina Faso as at May 2022.
• 18.57% for Burundi as at May 2022.
• 7.2% for Cambodia as at March 2022.
• 4.61% for Cameroon as at March 2022.
• 7.7% for Canada as at May 2022.
• 7.8% for Cape Verde as at May 2022.
• 11.2% for the Cayman Islands as at March 2022.
• 2.7% for the Central African Republic as at December 2021.
• 3.5% for Chad as at March 2022.
• 11.5% for Chile as at May 2022.
• 2.1% for China as at May 2022.
• 9.07% for Colombia as at May 2022.
• 3.59% for Comoros as at September 2021.
• -0.56% for the Cook Islands as at March 2022.
• 3.99% for Congo as at November 2021.
• 8.71% for Costa Rica as at May 2022.
• 10.8% for Croatia as at May 2022.
• 23.69% for Cuba as at April 2022.
• 9.1% for Cyprus as at May 2022.
• 16% for the Czech Republic as at May 2022.
• 7.4% for Denmark as at May 2022.
• 3.61% for Djibouti as at March 2022.
• 1.4% for Dominica as at 2020.
• 9.47% for the Dominican Republic as at May 2022.
• 7.4% for East Timor as at May 2022.
• 3.38% for Ecuador as at May 2022.
• 13.5% for Egypt as at May 2022.
• 7.48% for El Salvador as at May 2022.
• 2.9% for Equatorial Guinea as at December 2021.
• 4.5% for Eritrea as at December 2021.
• 20% for Estonia as at May 2022.
• 37.7% for Ethiopia as at May 2022.
• 8.1% for the Euro Area as at May 2022.
• 8.8% for the European Union as at May 2022.
• 9.1% for the Falkland Islands as at May 2022.
• 5% for Fiji as at May 2022.
• 7% for Finland as at May 2022.
• 5.2% for France as at May 2022.
• 5.2% for French Guiana as at May 2022.
• 5.2% for French Polynesia as at May 2022.
• 1.2% for Gabon as at April 2022.
• 11.58% for the Gambia as at May 2022.
• 13.3% for Georgia as at May 2022.
• 7.9% for Germany as at May 2022.
• 27.6% for Ghana as at May 2022.
• 8.1% for Gibraltar as at May 2022.
• 11.3% for Greece as at May 2022.
• 7.4% for Greenland as at May 2022.
• 1.1% for Grenada as at 2020.
• 0.6% for Guadeloupe as at 2020.
• 2.3% for Guam as at 2020.
• 5.82% for Guatemala as at May 2022.
• 9.1% for Guernsey as at May 2022.
• 10.99% for Guinea as at April 2022.
• 6.7% for Guinea Bissau as at April 2022.
• 7.46% for Guyana as at April 2022.
• 25.17% for Haiti as at February 2022.
• 9.09% for Honduras as at May 2022.
• 1.2% for Hong Kong as at May 2022.
• 10.7% for Hungary as at May 2022.
• 7.6% for Iceland as at May 2022.
• 7.04% for India as at May 2022.
• 3.55% for Indonesia as at May 2022.
• 39.3% for Iran as at May 2022.
• 5.2% for Iraq as at March 2022.
• 7.8% for Ireland as at May 2022.
• 9.1% for the Isle of Man as at May 2022.
• 4.1% for Israel as at May 2022.
• 6.8% for Italy as at May 2022.
• 3.5% for Ivory Coast as at May 2022.
• 11.8% for Jamaica as at April 2022.
• 2.5% for Japan as at April 2022.
• 9.1% for Jersey as at May 2022.
• 4.4% for Jordan as at May 2022.
• 14% for Kazakhstan as at May 2022.
• 7.1% for Kenya as at May 2022.
• 2.1% for Kiribati as at 2020.
• 2.1% for Kiribati as at 2020.
• 4.71% for Kuwait as at April 2022.
• 14% for Kyrgyzstan as at May 2022.
• 12.8% for Laos as at May 2022.
• 16.9% for Latvia as at May 2022.
• 211% for Lebanon as at May 2022.
• 7.3% for Lesotho as at April 2022.
• 5.44% for Liberia as at November 2021.
• 5.7% for Libya as at March 2022.
• 2.5% for Liechtenstein as at April 2022.
• 18.9% for Lithuania as at May 2022.
• 6.8% for Luxembourg as at May 2022.
• 1.06% for Macau as at April 2022.
• 11.9% for Macedonia as at May 2022.
• 6.34% for Madagascar as at February 2022.
• 19.1% for Malawi as at May 2022.
• 2.3% for Malaysia as at April 2022.
• 1.2% for the Maldives as at April 2022.
• 7.5% for Mali as at February 2022.
• 5.8% for Malta as at May 2022.
• 0.16% for the Marshall Islands as at 2020.
• 1.2% for Martinique as at 2020.
• 8.2% for Mauritania as at April 2022.
• 10.7% for Mauritius as at May 2022.
• 7.65% for Mexico as at May 2022.
• 2% for Micronesia as at 2020.
• 29.1% for Moldova as at May 2022.
• 6.8% for Monaco as at May 2022.
• 15.1% for Mongolia as at May 2022.
• 11.7% for Montenegro as at May 2022.
• 1.5% for Montserrat as at 2020.
• 5.9% for Morocco as at May 2022.
• 9.3% for Mozambique as at May 2022.
• 13.82% for Myanmar as at January 2022.
• 5.4% for Namibia as at May 2022.
• 3.8% for Nauru as at 2020.
• 7.87% for Nepal as at May 2022.
• 8.8% for the Netherlands as at May 2022.
• 8.8% for the Netherlands Antilles as at May 2022.
• 2.2% for New Caledonia as at April 2022.
• 6.9% for New Zealand as at March 2022.
• 10.61% for Nicaragua as at May 2022.
• 4.89% for Niger as at December 2021.
• 17.71% for Nigeria as at May 2022.
• 15% for North Korea as at July 2021.
• 1.5% for the Northern Mariana Islands as at 2020.
• 5.7% for Norway as at May 2022.
• 2.4% for Oman as at May 2022.
• 13.8% for Pakistan as at May 2022.
• 2.6% for Palau as at 2020.
• 3.43% for Palestine as at May 2022.
• 4.22% for Panama as at May 2022.
• 6.9% for Papua New Guinea as at March 2022.
• 11.4% for Paraguay as at May 2022.
• 8.78% for Peru as at May 2022.
• 5.4% for Philippines as at May 2022.
• 13.9% for Poland as at May 2022.
• 8% for Portugal as at May 2022.
• 6.1% for Puerto Rico as at April 2022.
• 5.18% for Qatar as at May 2022.
• 3.99% for Congo as at November 2021.
• 5.2% for Reunion as at May 2022.
• 14.49% for Romania as at May 2022.
• 17.1% for Russia as at May 2022.
• 14.8% for Rwanda as at May 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.
• 8.8% for San Marino as at May 2022.
• 14.4% for Sao Tome and Principe as at April 2022.
• 2.2% for Saudi Arabia as at May 2022.
• 7.4% for Senegal as at May 2022.
• 10.4% for Serbia as at May 2022.
• 2.1% for Seychelles as at May 2022.
• 22.44% for Sierra Leone as at April 2022.
• 5.6% for Singapore as at May 2022.
• 12.6% for Slovakia as at May 2022.
• 8.1% for Slovenia as at May 2022.
• 1.6% for the Solomon Islands as at 2020.
• 6.7% for Somalia as at May 2022.
• 6.5% for South Africa as at May 2022.
• 5.4% for South Korea as at May 2022.
• -4.29% for South Sudan as at April 2022.
• 8.7% for Spain as at May 2022.
• 39.1% for Sri Lanka as at May 2022.
• 192% for the Sudan as at May 2022.
• 59.8% for Suriname as at April 2022.
• 3.4% for Swaziland as at March 2022.
• 7.3% for Sweden as at May 2022.
• 2.9% for Switzerland as at May 2022.
• 139% for Syria as at August 2021.
• 3.39% for Taiwan as at May 2022.
• 7.3% for Tajikistan as at April 2022.
• 4% for Tanzania as at May 2022.
• 7.1% for Thailand as at May 2022.
• 8% for Togo as at May 2022.
• 5.3% for Tonga as at 2020.
• 4.1% for Trinidad and Tobago as at March 2022.
• 7.8% for Tunisia as at May 2022.
• 73.5% for Turkey as at May 2022.
• 12.45% for Turkmenistan as at December 2021.
• 2.1% for the Turks and Caicos Islands as at 2020.
• 4.2% for Tuvalu as at 2020.
• 6.3% for Uganda as at May 2022.
• 18% for the Ukraine as at May 2022.
• 2.5% for the United Arab Emirates as at December 2021.
• 9.1% for the United Kingdom as at May 2022.
• 8.6% for the United States as at May 2022.
• 9.37% for Uruguay as at May 2022.
• 8.6% for the US Virgin Islands as at May 2022.
• 10.95% for Uzbekistan as at May 2022.
• 0.7% for Vanuatu as at December 2021.
• 167% for Venezuela as at May 2022.
• 2.86% for Vietnam as at May 2022.
• 30.6% for Yemen as at July 2021.
• 10.2% for Zambia as at May 2022.
• 132% for Zimbabwe as at May 2022.

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