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Mapped: Which Countries Have the Highest Inflation?
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Mapped: Which Countries Have the Highest Inflation Rate?
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Inflation is surging nearly everywhere in 2022.
Geopolitical tensions are triggering high energy costs, while supply-side disruptions are also distorting consumer prices. The end result is that almost half of countries worldwide are seeing double-digit inflation rates or higher.
With new macroeconomic forces shaping the global economy, the above infographic shows countries with the highest inflation rates, using data from Trading Economics .
Double-Digit Inflation in 2022
As the table below shows, countless countries are navigating record-high levels of inflation. Some are even facing triple-digit inflation rates. Globally, Zimbabwe, Lebanon, and Venezuela have the highest rates in the world.
| Country | Inflation Rate, Year-Over-Year | Date |
|---|---|---|
| 🇿🇼 Zimbabwe | 269.0% | Oct 2022 |
| 🇱🇧 Lebanon | 162.0% | Sep 2022 |
| 🇻🇪 Venezuela | 156.0% | Oct 2022 |
| 🇸🇾 Syria | 139.0% | Aug 2022 |
| 🇸🇩 Sudan | 103.0% | Oct 2022 |
| 🇦🇷 Argentina | 88.0% | Oct 2022 |
| 🇹🇷 Turkey | 85.5% | Oct 2022 |
| 🇱🇰 Sri Lanka | 66.0% | Oct 2022 |
| 🇮🇷 Iran | 52.2% | Aug 2022 |
| 🇸🇷 Suriname | 41.4% | Sep 2022 |
| 🇬🇭 Ghana | 40.4% | Oct 2022 |
| 🇨🇺 Cuba | 37.2% | Sep 2022 |
| 🇱🇦 Laos | 36.8% | Oct 2022 |
| 🇲🇩 Moldova | 34.6% | Oct 2022 |
| 🇪🇹 Ethiopia | 31.7% | Oct 2022 |
| 🇷🇼 Rwanda | 31.0% | Oct 2022 |
| 🇭🇹 Haiti | 30.5% | Jul 2022 |
| 🇸🇱 Sierra Leone | 29.1% | Sep 2022 |
| 🇵🇰 Pakistan | 26.6% | Oct 2022 |
| 🇺🇦 Ukraine | 26.6% | Oct 2022 |
| 🇲🇼 Malawi | 25.9% | Sep 2022 |
| 🇱🇹 Lithuania | 23.6% | Oct 2022 |
| 🇪🇪 Estonia | 22.5% | Oct 2022 |
| 🇧🇮 Burundi | 22.1% | Oct 2022 |
| 🇸🇹 Sao Tome and Principe | 21.9% | Sep 2022 |
| 🇱🇻 Latvia | 21.8% | Oct 2022 |
| 🇭🇺 Hungary | 21.1% | Oct 2022 |
| 🇳🇬 Nigeria | 21.1% | Oct 2022 |
| 🇲🇰 Macedonia | 19.8% | Oct 2022 |
| 🇲🇲 Myanmar | 19.4% | Jun 2022 |
| 🇰🇿 Kazakhstan | 18.8% | Oct 2022 |
| 🇵🇱 Poland | 17.9% | Oct 2022 |
| 🇧🇬 Bulgaria | 17.6% | Oct 2022 |
| 🇹🇲 Turkmenistan | 17.5% | Dec 2021 |
| 🇧🇦 Bosnia and Herzegovina | 17.3% | Sep 2022 |
| 🇲🇪 Montenegro | 16.8% | Oct 2022 |
| 🇦🇴 Angola | 16.7% | Oct 2022 |
| 🇧🇫 Burkina Faso | 16.5% | Sep 2022 |
| 🇪🇬 Egypt | 16.2% | Oct 2022 |
| 🇰🇲 Comoros | 15.9% | Sep 2022 |
| 🇰🇬 Kyrgyzstan | 15.4% | Oct 2022 |
| 🇷🇴 Romania | 15.3% | Oct 2022 |
| 🇧🇾 Belarus | 15.2% | Oct 2022 |
| 🇨🇿 Czech Republic | 15.1% | Oct 2022 |
| 🇷🇸 Serbia | 15.0% | Oct 2022 |
| 🇸🇰 Slovakia | 14.9% | Oct 2022 |
| 🇲🇳 Mongolia | 14.5% | Oct 2022 |
| 🇳🇱 Netherlands | 14.3% | Oct 2022 |
| 🇦🇿 Azerbaijan | 13.7% | Oct 2022 |
| 🇦🇫 Afghanistan | 13.6% | Sep 2022 |
| 🇬🇲 Gambia | 13.3% | Sep 2022 |
| 🇭🇷 Croatia | 13.2% | Oct 2022 |
| 🇧🇼 Botswana | 13.1% | Oct 2022 |
| 🇸🇳 Senegal | 13.0% | Oct 2022 |
| 🇨🇱 Chile | 12.8% | Oct 2022 |
| 🇽🇰 Kosovo | 12.7% | Oct 2022 |
| 🇷🇺 Russia | 12.6% | Oct 2022 |
| 🇬🇳 Guinea | 12.4% | Jul 2022 |
| 🇧🇪 Belgium | 12.3% | Oct 2022 |
| 🇨🇴 Colombia | 12.2% | Oct 2022 |
| 🇺🇿 Uzbekistan | 12.2% | Oct 2022 |
| 🇨🇬 Congo | 12.2% | Oct 2022 |
| 🇳🇮 Nicaragua | 12.2% | Oct 2022 |
| 🇰🇾 Cayman Islands | 12.1% | Jun 2022 |
| 🇲🇺 Mauritius | 11.9% | Oct 2022 |
| 🇲🇿 Mozambique | 11.8% | Oct 2022 |
| 🇮🇹 Italy | 11.8% | Oct 2022 |
| 🇲🇱 Mali | 11.3% | Sep 2022 |
| 🇲🇷 Mauritania | 11.3% | Sep 2022 |
| 🇬🇧 United Kingdom | 11.1% | Oct 2022 |
| 🇦🇹 Austria | 11.0% | Oct 2022 |
| 🇸🇪 Sweden | 10.9% | Oct 2022 |
| 🇺🇬 Uganda | 10.7% | Oct 2022 |
| 🇬🇪 Georgia | 10.6% | Oct 2022 |
| 🇩🇪 Germany | 10.4% | Oct 2022 |
| 🇭🇳 Honduras | 10.2% | Oct 2022 |
| 🇩🇰 Denmark | 10.1% | Oct 2022 |
| 🇵🇹 Portugal | 10.1% | Oct 2022 |
| 🇯🇲 Jamaica | 9.9% | Oct 2022 |
| 🇸🇮 Slovenia | 9.9% | Oct 2022 |
| 🇬🇹 Guatemala | 9.7% | Oct 2022 |
| 🇿🇲 Zambia | 9.7% | Oct 2022 |
| 🇰🇪 Kenya | 9.6% | Oct 2022 |
| 🇦🇲 Armenia | 9.5% | Oct 2022 |
| 🇮🇸 Iceland | 9.4% | Oct 2022 |
| 🇲🇬 Madagascar | 9.3% | Aug 2022 |
| 🇮🇪 Ireland | 9.2% | Oct 2022 |
| 🇱🇸 Lesotho | 9.2% | Sep 2022 |
| 🇹🇳 Tunisia | 9.2% | Oct 2022 |
| 🇬🇷 Greece | 9.1% | Oct 2022 |
| 🇺🇾 Uruguay | 9.1% | Oct 2022 |
| 🇨🇷 Costa Rica | 9.0% | Oct 2022 |
| 🇧🇩 Bangladesh | 8.9% | Oct 2022 |
| 🇨🇾 Cyprus | 8.8% | Oct 2022 |
| 🇫🇴 Faroe Islands | 8.8% | Sep 2022 |
| 🇩🇿 Algeria | 8.7% | Sep 2022 |
| 🇳🇵 Nepal | 8.6% | Sep 2022 |
| 🇸🇧 Solomon Islands | 8.5% | Aug 2022 |
| 🇲🇽 Mexico | 8.4% | Oct 2022 |
| 🇬🇼 Guinea Bissau | 8.4% | Sep 2022 |
| 🇦🇱 Albania | 8.3% | Oct 2022 |
| 🇧🇧 Barbados | 8.3% | Aug 2022 |
| 🇫🇮 Finland | 8.3% | Oct 2022 |
| 🇲🇦 Morocco | 8.3% | Sep 2022 |
| 🇵🇪 Peru | 8.3% | Oct 2022 |
| 🇩🇴 Dominican Republic | 8.2% | Oct 2022 |
| 🇨🇻 Cape Verde | 8.2% | Oct 2022 |
| 🇵🇾 Paraguay | 8.1% | Oct 2022 |
| 🇹🇱 East Timor | 7.9% | Sep 2022 |
| 🇹🇬 Togo | 7.9% | Sep 2022 |
| 🇵🇭 Philippines | 7.7% | Oct 2022 |
| 🇺🇸 U.S. | 7.7% | Oct 2022 |
| 🇨🇲 Cameroon | 7.6% | Sep 2022 |
| 🇳🇴 Norway | 7.5% | Oct 2022 |
| 🇸🇬 Singapore | 7.5% | Sep 2022 |
| 🇿🇦 South Africa | 7.5% | Sep 2022 |
| 🇸🇻 El Salvador | 7.5% | Oct 2022 |
| 🇲🇹 Malta | 7.4% | Oct 2022 |
| 🇦🇺 Australia | 7.3% | Sep 2022 |
| 🇪🇸 Spain | 7.3% | Oct 2022 |
| 🇹🇩 Chad | 7.2% | Sep 2022 |
| 🇳🇿 New Zealand | 7.2% | Sep 2022 |
| 🇧🇿 Belize | 7.1% | Sep 2022 |
| 🇳🇦 Namibia | 7.1% | Oct 2022 |
| 🇦🇼 Aruba | 7.0% | Sep 2022 |
| 🇨🇦 Canada | 6.9% | Oct 2022 |
| 🇱🇺 Luxembourg | 6.9% | Oct 2022 |
| 🇸🇴 Somalia | 6.9% | Oct 2022 |
| 🇮🇳 India | 6.8% | Oct 2022 |
| 🇦🇪 United Arab Emirates | 6.8% | Jun 2022 |
| 🇬🇾 Guyana | 6.5% | Sep 2022 |
| 🇱🇷 Liberia | 6.5% | Jul 2022 |
| 🇧🇷 Brazil | 6.5% | Oct 2022 |
| 🇧🇸 Bahamas | 6.3% | Aug 2022 |
| 🇨🇮 Ivory Coast | 6.3% | Sep 2022 |
| 🇹🇹 Trinidad and Tobago | 6.3% | Aug 2022 |
| 🇫🇷 France | 6.2% | Oct 2022 |
| 🇩🇯 Djibouti | 6.1% | Sep 2022 |
| 🇵🇷 Puerto Rico | 6.1% | Sep 2022 |
| 🇧🇹 Bhutan | 6.1% | Sep 2022 |
| 🇧🇹 Qatar | 6.0% | Sep 2022 |
| 🇹🇭 Thailand | 6.0% | Oct 2022 |
| 🇸🇿 Swaziland | 5.8% | Aug 2022 |
| 🇮🇩 Indonesia | 5.7% | Oct 2022 |
| 🇰🇷 South Korea | 5.7% | Oct 2022 |
| 🇹🇯 Tajikistan | 5.7% | Sep 2022 |
| 🇵🇬 Papua New Guinea | 5.5% | Jun 2022 |
| 🇰🇭 Cambodia | 5.4% | Jul 2022 |
| 🇮🇶 Iraq | 5.3% | Sep 2022 |
| 🇯🇴 Jordan | 5.2% | Oct 2022 |
| 🇫🇯 Fiji | 5.1% | Sep 2022 |
| 🇮🇱 Israel | 5.1% | Oct 2022 |
| 🇳🇨 New Caledonia | 5.0% | Sep 2022 |
| 🇹🇿 Tanzania | 4.9% | Oct 2022 |
| 🇧🇲 Bermuda | 4.5% | Jul 2022 |
| 🇪🇷 Eritrea | 4.5% | Dec 2021 |
| 🇲🇾 Malaysia | 4.5% | Sep 2022 |
| 🇭🇰 Hong Kong | 4.4% | Sep 2022 |
| 🇵🇸 Palestine | 4.4% | Oct 2022 |
| 🇧🇳 Brunei | 4.3% | Sep 2022 |
| 🇱🇾 Libya | 4.3% | Sep 2022 |
| 🇻🇳 Vietnam | 4.3% | Oct 2022 |
| 🇪🇨 Ecuador | 4.0% | Oct 2022 |
| 🇧🇭 Bahrain | 4.0% | Sep 2022 |
| 🇯🇵 Japan | 3.7% | Oct 2022 |
| 🇰🇼 Kuwait | 3.2% | Sep 2022 |
| 🇳🇪 Niger | 3.2% | Sep 2022 |
| 🇲🇻 Maldives | 3.1% | Sep 2022 |
| 🇬🇦 Gabon | 3.0% | Jul 2022 |
| 🇱🇮 Liechtenstein | 3.0% | Oct 2022 |
| 🇸🇦 Saudi Arabia | 3.0% | Oct 2022 |
| 🇨🇭 Switzerland | 3.0% | Oct 2022 |
| 🇸🇨 Seychelles | 2.9% | Oct 2022 |
| 🇬🇶 Equatorial Guinea | 2.9% | Dec 2021 |
| 🇧🇴 Bolivia | 2.9% | Oct 2022 |
| 🇹🇼 Taiwan | 2.7% | Oct 2022 |
| 🇨🇫 Central African Republic | 2.7% | Dec 2021 |
| 🇻🇺 Vanuatu | 2.7% | Mar 2022 |
| 🇴🇲 Oman | 2.4% | Sep 2022 |
| 🇧🇯 Benin | 2.1% | Oct 2022 |
| 🇨🇳 China | 2.1% | Oct 2022 |
| 🇵🇦 Panama | 1.9% | Sep 2022 |
| 🇲🇴 Macau | 1.1% | Sep 2022 |
| 🇸🇸 South Sudan | -2.5% | Aug 2022 |
*Inflation rates based on the latest available data.
As price pressures mount, 33 central banks tracked by the Bank of International Settlements (out of a total of 38) have raised interest rates this year. These coordinated rate hikes are the largest in two decades , representing an end to an era of rock-bottom interest rates.
Going into 2023, central banks could continue this shift towards hawkish policies as inflation remains aggressively high.
The Role of Energy Prices
Driven by the war in Ukraine, energy inflation is pushing up the cost of living around the world.
Since October 2020, an index of global energy prices—made up of crude oil, natural gas , coal, and propane—has increased drastically.
Compared to the 2021 average, natural gas prices in Europe are up sixfold . Real European household electricity prices are up 78% and gas prices have climbed even more, at 144% compared to 20-year averages.
Amid global competition for liquefied natural gas supplies, price pressures are likely to stay high, even though they have fallen recently. Other harmful consequences of the energy shock include price volatility, economic strain, and energy shortages.
“The world is in the midst of the first truly global energy crisis, with impacts that will be felt for years to come”.
-Fatih Birol, executive director of the IEA
Double-Digit Inflation: Will it Last?
If history is an example, taming rising prices could take at least a few years yet.
Take the sky-high inflation of the 1980s. Italy, which managed to combat inflation faster than most countries, brought down inflation from 22% in 1980 to 4% in 1986.
If global inflation rates, which hover around 9.8% in 2022, were to follow this course, it would take at least until 2025 for levels to reach the 2% target.
It’s worth noting that inflation was also highly volatile over this decade. Consider how inflation fell across much of the rich world by 1981 but shot up again in 1987 amid higher energy prices. Federal Reserve chair Jerome Powell spoke to the volatility of inflation at their November meeting, indicating that high inflation has a chance of following a period of low inflation.
While the Federal Reserve projects U.S. inflation to fall closer to its 2% target by 2024, the road ahead could still get a lot bumpier between now and then.
Money
Ranked: Who Are the Richest People in Africa?
This infographic ranks the wealthiest 15 billionaires on the African continent.
Ranked: Who Are the Richest People in Africa?
The African continent is home to 46 billionaires, the second-lowest total of any global region.
The number of wealthy individuals in Africa is growing, however. Total private wealth is expected to rise 30% over the next decade, led by growth in the billionaire and millionaire segments.
Visualized here are Africa’s richest, using data collected by Forbes , on billionaires who reside on the continent and have their primary business there.
Breaking Down Africa’s Billionaires
The richest man in Africa is also the richest Black man in the world. Once a small sugar trader, Aliko Dangote now has a net worth of $13.5 billion. He is the 86th richest person in the world, and single-handedly makes up 25% of the total wealth of African billionaires.
His company, the Dangote Group is now an African conglomerate with interests in a range of sectors, including sugar, cement, and real estate.
| Rank | Name | Net Worth (billions, USD) | Industry | Citizenship |
|---|---|---|---|---|
| 1 | Aliko Dangote | $13.5 | Manufacturing | 🇳🇬 Nigeria |
| 2 | Johann Rupert & family | $10.7 | Fashion & Retail | 🇿🇦 South Africa |
| 3 | Nicky Oppenheimer & family | $8.4 | Metals & mining | 🇿🇦 South Africa |
| 4 | Abdulsamad Rabiu | $7.6 | Diversified | 🇳🇬 Nigeria |
| 5 | Nassef Sawiris | $7.3 | Construction & Engineering | 🇪🇬 Egypt |
| 6 | Mike Adenuga | $6.3 | Diversified | 🇳🇬 Nigeria |
| 7 | Issad Rebrab & family | $4.6 | Food & Beverage | 🇩🇿 Algeria |
| 8 | Naguib Sawiris | $3.3 | Telecom | 🇪🇬 Egypt |
| 9 | Patrice Motsepe | $3.2 | Metals & mining | 🇿🇦 South Africa |
| 10 | Mohamed Mansour | $2.9 | Diversified | 🇪🇬 Egypt |
| 11 | Koos Bekker | $2.6 | Media & Entertainment | 🇿🇦 South Africa |
| 12 | Strive Masiyiwa | $1.9 | Telecom | 🇿🇼 Zimbabwe |
| 13 | Mohammed Dewji | $1.5 | Diversified | 🇹🇿 Tanzania |
| 13 | Aziz Akhannouch & family | $1.5 | Diversified | 🇲🇦 Morocco |
| 13 | Youssef Mansour | $1.5 | Diversified | 🇪🇬 Egypt |
The top three—Alike Dangote, Johann Rupert, and Nicky Oppenheimer—account for 40% of the total wealth of those ranked.
A Look Through the Rest of the Richest People in Africa
At number two on the list is Johann Rupert . The chairman of Swiss luxury goods company, Compagnie Financiere Richemont, started his career with a banking apprenticeship in New York, before returning to South Africa and eventually pivoting to retail.
Through the rest of those ranked, a range of diverse business activities have allowed these billionaires to garner their wealth.
Nicky Oppenheimer (3rd) and Patrice Motsepe (9th)—have made fortunes in the mining industry, a sector which contributes nearly 10% to sub-Saharan Africa’s GDP. Meanwhile, Naguib Sawiris (8th) and Strive Masiyiwa (12th) have built telecom empires.
Billionaire Wealth Mirrors Country Wealth
Only seven out of the 54 African countries are represented on Africa’s rich list, and even amongst them, three countries (Egypt, South Africa, and Nigeria) account for more than two-thirds of the top-ranked billionaires.
| Country | Rank in African Economy | Individuals on Top 15 Billionaire List |
|---|---|---|
| 🇳🇬 Nigeria | #1 | 3 |
| 🇿🇦 South Africa | #2 | 4 |
| 🇪🇬 Egypt | #3 | 4 |
The home countries for these billionaires reflects the nations’ contribution to the African economy as a whole. Nigeria, South Africa, and Egypt have the top three GDPs in Africa.
Algeria—where Issad Rebrab (7th) is from—is ranked fourth, and Morocco—where Aziz Akhannouch (13th) is based—is fifth.
What’s Next For Africa’s Richest?
Africa has routinely been touted to become a future economic powerhouse as its demographic dividend pays off in the next few decades. However, its biggest challenge will be developing its economic and social infrastructure to retain local talent to make their fortunes at home.
Where does this data come from?
Source: Forbes.
Data note: Forbes calculated net worths using stock prices and currency exchange rates from the close of business on Friday, January 13, 2023. For privately held businesses, they used estimates of revenues or profits and applied prevailing price-to-sale or price-to-earnings ratios for similar public companies. Some list members grew richer or poorer within weeks or days of their measurement date.
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