Inflation Statistics By Country, Regions, Emerging Markets, Developing Economies and Influencing Factors
Maitrayee Dey
Updated · Sep 30, 2024
WHAT WE HAVE ON THIS PAGE
- Introduction
- Editor’s Choice
- Global Inflation Rate Statistics
- Inflation Rate Statistics By Country, 2024
- Inflation Statistics By Regions
- Lowest Inflation Rate Statistics By Country
- Monthly Inflation Rates Statistics By Countries
- Inflation Rate in Emerging Markets And Developing Economies
- Inflation Rate Statistics in The U.S.
- Annual PPI Inflation Rate in The U.S.
- Inflation Statistics in China
- Sector-Specific Inflation Statistics
- Demand Influencing Factors of Inflation in 2024
- Conclusion
Introduction
Inflation Statistics: Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. It’s measured using indices like the Consumer Price Index (CPI) and the Producer Price Index (PPI). Inflation can result from increased production costs, higher demand for products and services, or expansionary monetary policies.
Central banks, like the Federal Reserve in the U.S., manage inflation through monetary policy, aiming to keep inflation at a moderate and stable level. Inflation impacts economies by influencing interest rates, wages, and overall economic growth.
Editor’s Choice
- Inflation Statistics show that by the end of 2024, the global inflation rate will reach around 5.94%.
- Currently, Venezuela has the highest inflation rate at 400%, followed by Zimbabwe at 172.2% and Argentina at 98.6%.
- In the first quarter of 2024, in the North American region, the United States is expected to see a reduction in inflation, with a forecasted rate of around 2.3%, and Canada (2.4%).
- Burkina Faso (1.5%), Oman (1.9%), and China (2.0%) had the lowest inflation rates in 2024.
- In 2024, the inflation rate in emerging markets and developing economies averaged approximately 8.29%.
- The U.S. saw an inflation rate of 3.2% in 2024, down from 4.0% in 2023.
- In the food and beverage segment, global food prices increased by 5% in 2024 due to supply chain issues.
- Inflation Statistics further state that energy prices increased moderately by 2.5% in 2024, reflecting stabilized oil prices and a gradual shift towards renewable energy sources.
- Developed economies like the U.S., E.U., and Japan have seen inflation rates fluctuate due to policy changes and global economic conditions.
You May Also Like To Read
- Business Travel Statistics
- Women Entrepreneurship Statistics
- GDPR Statistics
- Smartphone Sales Statistics
- Video Conferencing Statistics
- Vacation Rental Statistics
- Aviation Statistics
- Online Vs In-Store Statistics
- Customer Service Statistics
- Salespeople Statistics
Global Inflation Rate Statistics
(Reference: statista.com)
- Inflation Statistics show that a sustained rise in the average prices of goods and services typically characterizes inflation. By the end of 2024, the global inflation rate will reach around 5.94%, a decrease from 6.78% in 2023.
- Furthermore, the global inflation rate next year will be forecasted as 2025 (4.51%), 2026 (3.73%), 2027 (3.49%), 2028 (3.4%), and 2029 (3.37%).
Inflation Rate Statistics By Country, 2024
(Source: datapandas.org)
- Currently, Venezuela has the highest inflation rate at 400%, followed by Zimbabwe at 172.2% and Argentina at 98.6%.
- The current inflation rate in the United States is 4.5% in 2024.
- Japan and Switzerland, with inflation rates of 2.7% and 2.4%, respectively.
However, the inflation rates of other countries in 2024 are depicted in the table below:
| Country | Inflation Rate |
| Sudan | 71.6% |
| Turkey | 50.6% |
| Ghana | 45.4% |
| Haiti | 44.5% |
| Suriname | 42.7% |
| Iran | 42.5% |
| Sierra Leone | 37.8% |
| Ethiopia | 31.4% |
| Sri Lanka | 28.5% |
| South Sudan | 27.8% |
| Pakistan | 27.1% |
| Malawi | 24.7% |
| Egypt | 21.6% |
| Ukraine | 21.1% |
| Nigeria | 20.1% |
| Sao Tome and Principe | 17.9% |
| Hungary | 17.7% |
| Yemen | 16.8% |
| Burundi | 16.0% |
| Laos | 15.1% |
| Kazakhstan | 14.8% |
| Myanmar | 14.2% |
| Moldova | 13.8% |
| Serbia | 12.2% |
| Poland | 11.9% |
| Czech Republic | 11.8% |
| Angola | 11.7% |
| Azerbaijan | 11.3% |
| Gambia | 11.3% |
| Mongolia | 11.2% |
| Colombia | 10.9% |
| Tunisia | 10.9% |
| DR Congo | 10.8% |
| Lithuania | 10.5% |
| Romania | 10.5% |
| Samoa | 10.0% |
| Estonia | 9.7% |
| Latvia | 9.7% |
| Montenegro | 9.7% |
| Tonga | 9.7% |
| Madagascar | 9.5% |
| Mauritius | 9.5% |
| Slovakia | 9.5% |
| North Macedonia | 9.2% |
| Zambia | 8.9% |
| Bangladesh | 8.6% |
| Kiribati | 8.6% |
| Nicaragua | 8.5% |
| Austria | 8.2% |
| Rwanda | 8.2% |
| Algeria | 8.1% |
| Comoros | 8.1% |
| Guinea | 8.1% |
| Iceland | 8.1% |
| Chile | 7.9% |
| Palau | 7.9% |
| Kenya | 7.8% |
| Uganda | 7.6% |
| Uruguay | 7.6% |
| Belarus | 7.5% |
| Bulgaria | 7.5% |
| Croatia | 7.4% |
| Guatemala | 7.4% |
| Armenia | 7.1% |
| Jamaica | 7.0% |
| Russia | 7.0% |
| Honduras | 6.9% |
| Liberia | 6.8% |
| Lesotho | 6.8% |
| Sweden | 6.8% |
| United Kingdom | 6.8% |
| Turkmenistan | 6.7% |
| Guyana | 6.6% |
| Iraq | 6.6% |
| Botswana | 6.5% |
| Eritrea | 6.4% |
| Slovenia | 6.4% |
| Central African Republic | 6.3% |
| Mexico | 6.3% |
| Dominica | 6.2% |
| Bosnia and Herzegovina | 6.0% |
| Cameroon | 5.9% |
| Georgia | 5.9% |
| Tuvalu | 5.8% |
| Malta | 5.8% |
| Singapore | 5.8% |
| South Africa | 5.8% |
| Dominican | 5.7% |
| Equatorial Guinea | 5.7% |
Inflation Statistics By Regions
- In the North American region, the United States will see a reduction in inflation, with a forecasted rate of around 2.3%, and Canada (2.4%) in the first quarter of 2024.
- In the same duration, the Eurozone is anticipated to have an inflation rate of about 3.1%, while the United Kingdom is still facing economic pressures and is forecasted to have a slightly higher rate of around 3.8%.
- In the Latin America region, Brazil is projected to have an inflation rate of 4.2% and Argentina (88.0%).
- In Asia, China’s Inflation will be moderate, at around 2.0%, and India recorded approximately 5.2%.
- In the Middle East and Central Asian region, Turkey is projected to have a high inflation rate of about 35.0%, and Saudi Arabia and the UAE have much lower rates, around 2- 3%.
- Sub-Saharan Africa: Countries like Nigeria experiencing an inflation rate of approximately 18.0%.
- Oceania: Australia is forecasted to have a 3.0% rate of inflation.
(Reference: statista.com)
- In fiscal year 2023, the Middle East and Central Asia region secured the highest inflation rate, with a share of 16.67%, followed by the Africa Sub-Sahara (16.17%).
- Meanwhile, other regions’ inflation rates were shared as Latin America/Caribbean (14.41%), Emerging markets and developing economies (8.34%), E.U. (6.28%), Euro area (5.42%), Industrialized countries (4.6%), and ASEAN-5 (3.54%).
Lowest Inflation Rate Statistics By Country
(Reference: statista.com)
- Inflation Statistics also reports that the top 5 countries with the lowest inflation rate in 2023 were Turkmenistan (-1.74%), Yemen (-1.23%), Seychelles (-1.03%), Bahrain (+0.08%), and China (+0.23%).
- Moreover, other countries with the lowest inflation rates are mentioned as Brunei Darussalam (0.37%), Costa Rica (0.53%), Macao SAR (0.94%), Burkina Faso (0.94%), Oman (0.95%), Thailand (1.23%), Panama (1.49%), United Arab Emirates (1.62%), Djibouti (1.8%), Armenia (1.97%), Mali (2.05%), Hong Kong SAR (2.1%), Switzerland (2.13%), Cambodia (2.14%), and Jordan (2.16%).
Furthermore, the inflation rates of the top 5 countries in 2024 are estimated as:
| Country | Inflation Rate |
| Burkina Faso | 1.5% |
| Oman | 1.9% |
| China | 2.0% |
| Brunei | 2.0% |
| Panama | 2.2% |
| Marshall Islands | 2.2% |
| Bahrain | 2.2% |
| Saint Kitts and Nevis | 2.3% |
| Switzerland | 2.4% |
| Ecuador | 2.5% |
Monthly Inflation Rates Statistics By Countries
(Reference: statista.com)
| Country | January | February | March | April | May | June |
| United States | 3.1% | 3.2% | 3.5% | 3.40% | 3.3% | 3% |
| China | -0.8% | 0.7% | 0.1% | 0.30% | 0.3% | 0.2% |
| Japan | 2.2% | 2.8% | 2.7% | 2.50% | 2.8% | – |
| Germany | 2.9% | 2.5% | 2.2% | 2.20% | 2.4% | 2.2% |
| Euro Zone | 2.8% | 2.6% | 2.4% | 2.40% | 2.6% | – |
| France | 3.1% | 3% | 2.3% | 2.20% | 2.3% | 2.2% |
| United Kingdom | 4.0% | 3.4% | 3.2% | 2.30% | 2% | – |
| Brazil | 4.51% | 4.5% | 3.93% | 3.69% | 3.93% | 4.23% |
| Ruissia | 7.4% | 7.7% | 7.7% | 7.80% | 8.35 | 8.6% |
| India | 4.91% | 4.9% | 4.2% | 3.87% | – | – |
| Italy | 0.8% | 0.8% | 1.2% | 0.8% | 0.8% | 0.8% |
Inflation Rate in Emerging Markets And Developing Economies
(Reference: statista.com)
- In 2024, the inflation rate in emerging markets and developing economies averaged approximately 8.29% compared to the previous year, resulting in 8.34%.
- However, in the coming year, the inflation rate is expected to be 2025 (6.19%), 2026 (4.87%), 2027 (4.45%), 2028 (4.26%), and 2029 (4.2%).
Inflation Rate Statistics in The U.S.
(Reference: zippia.com)
- In the United States of America, the projected annual inflation rate in 2023 was 2.5%, and by 2024, it will be 2.45%.
- In the coming year, the estimated American rate of inflation will be 2025 (2.37%) and 2026 (2.25%).
Annual PPI Inflation Rate in The U.S.
- Meanwhile, the PPI for final demand increased by 2.6% over the 12 months ending in June 2024.
- Meanwhile, the PPI for goods decreased by 0.5%, whereas the PPI for services increased by 0.6%.
- In the same duration, gasoline prices dropped by 5.8%, and jet fuel prices decreased by 4.6%.
- Additionally, other sectors’ prices are followed by the energy sector (-5.8%), jet fuel (- 4.6%), fresh fruits and melons (-6.3%), processed poultry (-6.8%), healthcare-related services (+0.2%), construction (+0.4%), stage 2 intermediate demand prices (+3.7%), passenger cars (+0.6%), truck transportation (-1.2%), and air transportation services (+0.1%).
Inflation Statistics in China
(Reference: statista.com)
- China’s average annual inflation rate was approximately 0.23% in 2023, and it will reach 0.97% by 2024.
- As per Inflation Statistics, the predicted inflation rate in coming years will be 2025 (1.99%) and from 2026 to 2029 (1.95% each).
In the United Kingdom
| Year | Inflation rate |
| 2023 | 7.31% |
| 2024 | 2.45% |
| 2025 | 2.01% |
| 2026 | 2% |
| 2027 | 2% |
| 2028 | 2% |
| 2029 | 2% |
(Source: statista.com)
In Germany
| Year | Inflation rate |
| 2023 | 6.03% |
| 2024 | 2.41% |
| 2025 | 2.02% |
| 2026 | 1.97% |
| 2027 | 1.97% |
| 2028 | 1.99% |
| 2029 | 2.01% |
(Source: statista.com)
In Canada
| Year | Inflation rate |
| 2023 | 3.88% |
| 2024 | 2.61% |
| 2025 | 1.85% |
| 2026 | 1.89% |
| 2027 | 1.88% |
| 2028 | 1.92% |
| 2029 | 1.99% |
(Source: statista.com)
In India
| Year | Inflation rate |
| 2023 | 4.38% |
| 2024 | 4.38% |
| 2025 | 4.17% |
| 2026 | 4.09% |
| 2027 | 4% |
| 2028 | 4% |
| 2029 | 4% |
(Source: statista.com)
In Russia
| Year | Inflation rate |
| 2023 | 5.86% |
| 2024 | 6.87% |
| 2025 | 4.55% |
| 2026 | 4% |
| 2027 | 4% |
| 2028 | 4% |
| 2029 | 4% |
(Source: statista.com)
In France
| Year | Inflation rate |
| 2023 | 5.66% |
| 2024 | 2.42% |
| 2025 | 1.79% |
| 2026 | 1.79% |
| 2027 | 1.82% |
| 2028 | 1.80% |
| 2029 | 1.71% |
(Source: statista.com)
Sector-Specific Inflation Statistics
Food and Beverages:
- In 2024, the global inflation rate for food and beverages is around 5%. Supply chain disruptions and climatic impacts on agriculture drive this increase.
- In the U.K., prices in this sector rose by 7.3%, significantly impacting consumer budgets.
Energy:
- Inflation Statistics also show that energy prices increased moderately by 2.5% in 2024.
- This is largely due to the stabilization of oil prices and a gradual shift towards renewable energy sources.
Healthcare:
- The healthcare sector has experienced an inflation rate of 4.7% globally.
- In America, the inflation rate for healthcare services is higher at 5.3%, influenced by rising drug prices and healthcare service costs.
Housing
- Housing inflation has been notably high, especially in urban areas. The overall housing inflation rate in the U.S. is 3.8%.
- Market rent growth has decelerated significantly, falling to 1.7% year-over-year as of January 2024, compared to 15.7% the previous year.
Wages And Purchasing Power:
- Wage growth in many regions has not kept pace with inflation. For instance, in the U.S., average wages increased by 2.8%.
- Meanwhile, the inflation rate stood at 3.2%, leading to a slight decline in real income.
Demand Influencing Factors of Inflation in 2024
- Consumer spending is a primary driver of demand-pull inflation, where increased demand for goods and services leads to higher prices.
- Based on Inflation Statistics, the U.S. saw a 3.1% growth in real GDP, driven by solid consumer spending.
- In 2024, the Federal Reserve maintained the federal funds rate between 5.25% and 5.5% to manage inflation.
- At the same time, nominal wage gains slowed but remained above the pace consistent with 2% inflation, reflecting the tight labor market conditions.
- The core PCE price index, excluding food and energy, rose by 2.8% over the 12 months ending in January 2024.
Conclusion
Inflation in 2024 presents a complex picture influenced by various global and sector-specific factors. While overall global inflation has shown signs of stabilizing, specific sectors like energy, healthcare, and housing continue to experience significant price changes. Understanding these dynamics is crucial for policymakers, businesses, and consumers to navigate the economic landscape effectively.
FAQ.
What are the types of inflation?
- Hyperinflation: Extremely high and typically accelerating inflation.
- Deflation: A decrease in the general price level of goods and services.
- Stagflation: A combination of stagnant economic growth, high unemployment, and high inflation.
What causes inflation?
- Demand-pull Inflation: When demand for goods and services exceeds supply.
- Cost-push Inflation: When the costs of production increase, leading businesses to raise prices.
- Monetary Inflation: When there is an increase in the money supply in the economy.
How is inflation measured?
The two ways to measure the inflation rate are the Consumer Price Index (CPI) and the Producer Price Index (PPI).
How do central banks control inflation?
- Interest rates: Raising interest rates can reduce spending and borrowing, helping to control inflation.
- Open market operations: Buying or selling government bonds to influence the money supply.
- Reserve requirements: Changing the amount of funds banks must hold in reserve.
Maitrayee Dey
Maitrayee, after completing her graduation in Electrical Engineering, transitioned into the world of writing following a series of technical roles. She specializes in technology and Artificial Intelligence, bringing her experience as an Academic Research Analyst and Freelance Writer, with a focus on education and healthcare under the Australian system. From an early age, writing and painting have been her passions, leading her to pursue a full-time career in writing. In addition to her professional endeavors, Maitrayee also manages a YouTube channel dedicated to cooking.
