In the context of economics, inflation refers to the rate of growth in a nation’s average prices for goods and services. An unstable indicator, inflation can change quickly depending on the state of the economy and the policies a government decides to enact to manage or combat it. Depending on the situation and the pace of change, inflation can be perceived positively or adversely and is related to the economic concepts of supply and demand.
Which countries have the highest inflation ( above 50 percent)?
According to an analyst, if Tehran is unable to salvage the 2015 nuclear agreement, the economy of the nation will continue to deteriorate and see over 50% inflation in 2019. Iran’s economy is nearly entirely administered by the government, and despite widespread warnings that the system needs significant reform, the country’s leaders exhibit no flexibility or desire for change. The Iranian Statistical Center said in September that the average annual inflation rate had reached 52.2%.
Sri Lanka 69.8%
The World Bank predicted that Sri Lanka’s economy may expand by 3% in 2022 but cautioned that there was a risk that the economy could collapse due to trade contractions and monetary instability. money creation. In September 2022, as a result of a severe depreciation of its currency and an unprecedented economic catastrophe, Sri Lanka’s annual inflation rate raced to a new record high of 69.8%. The largest upward contribution was made by food prices, which in September reached a new record high of 94.9%. Non-food item prices increased 57.6%, driven primarily by transportation, housing & utilities, dining & lodging, and hotels. The Colombo CPI grew by 3.8% on a monthly basis, up from a 2.5% increase in August.
Argentina benefits from abundant natural resources, a highly educated populace, an agricultural economy that is focused on exports, and a diverse industrial base. Due to income inequality and rising poverty since this time, Argentina’s economic performance has traditionally been quite uneven, with periods of rapid expansion and severe recessions alternately occurring. Argentina’s inflation rate rose to 82.90 percent in September 2022 from 78.50 percent in August.
In September 2022, Turkey’s annual inflation rate increased for the 16th consecutive month to 83.5 percent, exceeding estimates of 84.6 percent while skyrocketing from less than 20 percent in the same period the previous year. Since July 1998, it was the highest rate ever. While energy prices continued to rise at a steady rate of 133 percent, prices for housing, utilities, and transportation also increased. Food and drink prices increased by 93.1% as well.
Food and noontime alcoholic beverages account for 32.2% of the entire weight of the consumer price index in Venezuela, whereas transportation and housing rentals. 8.8% of the economy is made up of restaurants and hotels, 7.2 percent is made up of clothing and footwear, 5.8% is made up of miscellaneous goods and services, and 5.6 percent is made up of household equipment. Others include education, household services, health care, communications, leisure and culture, alcoholic beverages and tobacco, and leisure and culture. As of December 2007, the national index has a base of 100.
The increase of credit facilities to the private sector, which was mostly utilized for speculative activities on the foreign exchange markets, had a substantial impact on this rate. The Sudanese inflation rate dropped from 148.90% in June 2022 to 125.40% in July.
The World Bank Group reclassified Syria as a low-income country in 2018 due to the drop in Syria’s Gross National Income per capita. The reduction in social welfare has been attributed to a number of factors, including conflict, displacement, and the collapse of economic and social services. Syria is particularly vulnerable to sharp increases in food costs brought on by the sanctions related to the war in Ukraine, which would exacerbate the nation’s already severe food poverty.
In August 2022, Lebanon’s annual inflation rate slowed to 161.89 percent. The cost of food and non-alcoholic beverages rose by 198.11 percent in July, while housing and utilities increased by 99.89 percent, transportation increased by 294.85 percent, and furniture, household equipment, and routine maintenance rose by 198.85 percent. This was the lowest inflation rate since September of last year. Consumer prices rose 7.55 percent in August on a monthly basis.
Zimbabwe’s annual consumer price inflation decreased from 285% in August of 2022, which was the highest since February of 2021, to 280.4% in September of 2022. The adoption of corrective measures by the Government and the Reserve Bank of Zimbabwe was credited with the recent stability in the prices of essential goods and services, which has seen some commodities, such as fuel and cooking oil, continue to fall.