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Latest International Inflation Rates

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:

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