World inflation rate for 2023 was 5.73%, a 2.2% decline from 2022.

<ul style='margin-top:20px;'>

<li>World inflation rate for 2022 was <strong>7.93%</strong>, a <strong>4.46% increase</strong> from 2021.</li>
<li>World inflation rate for 2021 was <strong>3.48%</strong>, a <strong>1.57% increase</strong> from 2020.</li>
<li>World inflation rate for 2020 was <strong>1.91%</strong>, a <strong>0.3% decline</strong> from 2019.</li>
</ul>Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.

Graph and download economic data for Inflation, consumer prices for the World (FPCPITOTLZGWLD) from 1981 to 2023 about World, consumer, CPI, inflation, price index, indexes, and price.

Context

Understanding global economic dynamics, specifically the trends in inflation rates, is paramount for policymakers, economists, and researchers. This dataset, covering the years 1980 to 2024, offers a comprehensive perspective on inflation across various countries. The primary focus is on dissecting the data based on country-specific indicators, providing valuable insights into the multifaceted factors influencing economic environments on a global scale.

Content

The dataset comprises crucial columns including country name, indicator type, and annual average inflation rates from 1980 to 2024. This extensive collection of information facilitates detailed analysis and correlation studies, enabling researchers to uncover patterns and trends. By examining the nuanced relationships between country-specific indicators and inflation rates, valuable conclusions can be drawn about the complexities of global economic dynamics over the years. This dataset serves as a valuable resource for anyone seeking to delve into the intricacies of inflation trends and their implications across diverse nations.

Dataset Structure:

This dataset (global_inflation_data.csv) covering from 1980 to 2024 consists of the following columns:

Acknowledgment

The primary dataset was retrieved from the World Bank. I sincerely thank the team for providing the core data used in this dataset.

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In March 2022, the global inflation rate for the consumer price index reached 9.22 percent, compared with 7.47 percent in February 2022. After reaching a low of 2.27 percent in August 2020, the inflation rate has steadily increased, with the most rapid growth occuring in late 2021 and early 2022.

Of the major developed and emerging economies, China had the lowest inflation rate at 0.1 percent in December 2024. On the other end of the spectrum, the inflation rate in Russia stood at nearly 10 percent. The country's inflation rate increased sharply after the country's President, Vladimir Putin, decided to invade Ukraine, declined somewhat in 2023, before increasing slowly again since. The rate of inflation reflects changes in the cost of a specified basket containing a representative selection of goods and services. It is derived from the consumer price index (CPI).

Inflation, consumer prices (annual %) in World was reported at 5.7332 % in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. World - Inflation, consumer prices (annual %) - actual values, historical data, forecasts and projections were sourced from the World Bank on May of 2025.

The inflation rate for both Africa, the Middle East, and Latin America and the Caribbean reached more than 12 percent in 2023. Among the provided continents or regions, Asia and the Pacific had the lowest inflation rate that year. Consumer prices increased around the world following the COVID-19 pandemic and the Russian invasion of Ukraine. Inflation and food security Increases in food costs are one of the most prominent impacts of inflation globally. In the United Kingdom, for example, consumers have indicated that they have worried more about food costs in 2023 than in previous years. Meanwhile, in Canada, only a small fraction of survey respondents have said that inflation has had little impact on household food costs. Consumers have responded to rising food costs through various coping mechanisms. For example, Italian consumers have indicated that they purchase less unnecessary products, cut down on waste, and buy more discounted items in order to save costs. Changing consumer behvaiors Outside of food consumption, consumers have changed their purchasing behaviors with other types of goods and services. Surveying has indicated that nearly 60 percent of consumers have adjusted their shopping habits due to inflation. When holiday shopping in 2023, over 50 percent of Americans and over one third of British consumers said inflation had considerable impact on their holiday shopping. By generation, the Millenial generation has suffered the most due to rising inflation, while older generations have experienced less serious impacts.

The average for 2025 based on 184 countries was 7.08 percent. The highest value was in Venezuela: 254.35 percent and the lowest value was in Switzerland: 0.24 percent. The indicator is available from 1980 to 2030. Below is a chart for all countries where data are available.

2022 and 2023 saw inflation rates rise all over the world, especially spurred by effects of the COVID-19 pandemic and Russia's invasion of Ukraine. With its hyperinflation, Argentina was predicted to have the highest inflation rate of the countries included here both in 2023, 2024, and 2025. On the other hand, China's inflation rate was estimated to only reach one percent in 2024.

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This dataset provides a comprehensive historical record of inflation rates worldwide, covering the period from 1960 to the present. It includes inflation data at the national level for multiple countries and territories, making it a valuable resource for economic analysis, financial forecasting, and macroeconomic research.

Data Source: https://datos.bancomundial.org/indicador/FP.CPI.TOTL.ZG?end=2023&start=1960&view=chart

Key Features:

✅ Global Coverage – Inflation rates for countries across all continents.

✅ Long-Term Data – Over 60 years of historical records, ideal for trend analysis.

✅ Regional Classification – Data categorized by region, sub-region, and intermediate region for in-depth geographic analysis.

✅ Standardized Indicators – Based on CPI (Consumer Price Index) inflation rates from reputable sources.

Potential Use Cases:

📊 Economic Research – Analyze inflation trends and economic cycles.

📈 Financial Forecasting – Predict future inflation and its impact on global markets.

🌍 Policy & Development Studies – Examine regional disparities and economic policies.

📚 Machine Learning Applications – Train predictive models using historical inflation trends.

This dataset is an essential tool for economists, data scientists, and financial analysts looking to explore global inflation patterns and their implications on economic stability.

India inflation rate for 2023 was 5.65%, a 1.05% decline from 2022.

<ul style='margin-top:20px;'>

<li>India inflation rate for 2022 was <strong>6.70%</strong>, a <strong>1.57% increase</strong> from 2021.</li>
<li>India inflation rate for 2021 was <strong>5.13%</strong>, a <strong>1.49% decline</strong> from 2020.</li>
<li>India inflation rate for 2020 was <strong>6.62%</strong>, a <strong>2.89% increase</strong> from 2019.</li>
</ul>Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.

2022 and 2023 was characterized by leaping inflation rates. These were caused by a multiple of factors, but post-corona (COVID-19) challenges and the Russian invasion of Ukraine in February that year had a major impact. However, the inflation rates in all countries included were forecast to stabilize through 2022 and 2023. More information about global inflation can be found here.

This dataset provides values for INFLATION EXPECTATIONS reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

The UK inflation rate was 3.5 percent in April 2025, up from 2.6 percent in the previous month, and the fastest rate of inflation since February 2024. Between September 2022 and March 2023, the UK experienced seven months of double-digit inflation, which peaked at 11.1 percent in October 2022. Due to this long period of high inflation, UK consumer prices have increased by over 20 percent in the last three years. As of the most recent month, prices were rising fastest in the communications sector, at 6.1 percent, but were falling in both the furniture and transport sectors, at -0.3 percent and -0.6 percent respectively.
The Cost of Living Crisis High inflation is one of the main factors behind the ongoing Cost of Living Crisis in the UK, which, despite subsiding somewhat in 2024, is still impacting households going into 2025. In December 2024, for example, 56 percent of UK households reported their cost of living was increasing compared with the previous month, up from 45 percent in July, but far lower than at the height of the crisis in 2022. After global energy prices spiraled that year, the UK's energy price cap increased substantially. The cap, which limits what suppliers can charge consumers, reached 3,549 British pounds per year in October 2022, compared with 1,277 pounds a year earlier. Along with soaring food costs, high-energy bills have hit UK households hard, especially lower income ones that spend more of their earnings on housing costs. As a result of these factors, UK households experienced their biggest fall in living standards in decades in 2022/23. Global inflation crisis causes rapid surge in prices The UK's high inflation, and cost of living crisis in 2022 had its origins in the COVID-19 pandemic. Following the initial waves of the virus, global supply chains struggled to meet the renewed demand for goods and services. Food and energy prices, which were already high, increased further in 2022. Russia's invasion of Ukraine in February 2022 brought an end to the era of cheap gas flowing to European markets from Russia. The war also disrupted global food markets, as both Russia and Ukraine are major exporters of cereal crops. As a result of these factors, inflation surged across Europe and in other parts of the world, but typically declined in 2023, and approached more usual levels by 2024.

Ciccarelli and Mojon (CM; Review of Economics and Statistics, 2010, 92(3), 524-535) propose an inflation forecasting model incorporating a global inflation factor and show that it consistently beats several standard forecasting benchmarks. We show that CM's global inflation model does not improve upon the Atkeson and Ohanian (AO; Federal Reserve Bank of Minneapolis Quarterly Review, 2001, 25(1), 2-11) naive benchmark. However, we find that augmenting the AO model with a global inflation factor improves forecast accuracy at longer horizons, supporting CM's claim about the usefulness of global inflation.

Japan inflation rate for 2023 was 3.27%, a 0.77% increase from 2022.

<ul style='margin-top:20px;'>

<li>Japan inflation rate for 2022 was <strong>2.50%</strong>, a <strong>2.73% increase</strong> from 2021.</li>
<li>Japan inflation rate for 2021 was <strong>-0.23%</strong>, a <strong>0.21% decline</strong> from 2020.</li>
<li>Japan inflation rate for 2020 was <strong>-0.03%</strong>, a <strong>0.49% decline</strong> from 2019.</li>
</ul>Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.

In August 2024, the global consumer price index, excluding the United States, stood at 187.7, compared to 160.1 for the U.S. The data for the world and emerging economies are distorted by hyperinflation in Venezuela and may not accurately reflect the inflation rate of other countries. However, Russia's war in Ukraine caused a surge in prices globally through 2022 and 2023. The headline consumer price index tracks the changes in the price level of a basket of goods and services purchased by households. Economic challenges in Argentina While CPI increases have been significant globally, certain economies have experienced more dramatic increases than others. Argentina is a notable case of these increases, as the CPI has increased more than 100 percent between 2020 and 2023. Currently, most of the Argentinian public considers inflation and low wages to be the biggest challenges facing the country. Consumer responses to price increases Globally, consumers are coping with price increases in many ways. In a May 2023 survey, 68 percent respondents from over 14 countries indicated they were more conscious about prices than previously. In another survey from earlier that year, over 40 percent of respondents indicated they were most concerned about inflation and had changed their consumption habits as a result.

OECD members inflation rate for 2023 was 5.68%, a 2.56% decline from 2022.

<ul style='margin-top:20px;'>

<li>OECD members inflation rate for 2022 was <strong>8.24%</strong>, a <strong>5.42% increase</strong> from 2021.</li>
<li>OECD members inflation rate for 2021 was <strong>2.82%</strong>, a <strong>2.08% increase</strong> from 2020.</li>
<li>OECD members inflation rate for 2020 was <strong>0.73%</strong>, a <strong>1.01% decline</strong> from 2019.</li>
</ul>Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.