Inflation is generally defined as the continued increase in the average prices of goods and services in a given region. Following the extremely high global inflation experienced in the 1980s and 1990s, global inflation has been relatively stable since the turn of the millennium, usually hovering between three and five percent per year. There was a sharp increase in 2008 due to the global financial crisis now known as the Great Recession, but inflation was fairly stable throughout the 2010s, before the current inflation crisis began in 2021. Recent years Despite the economic impact of the coronavirus pandemic, the global inflation rate fell to 3.26 percent in the pandemic's first year, before rising to 4.66 percent in 2021. This increase came as the impact of supply chain delays began to take more of an effect on consumer prices, before the Russia-Ukraine war exacerbated this further. A series of compounding issues such as rising energy and food prices, fiscal instability in the wake of the pandemic, and consumer insecurity have created a new global recession, and global inflation in 2024 is estimated to have reached 5.76 percent. This is the highest annual increase in inflation since 1996. Venezuela Venezuela is the country with the highest individual inflation rate in the world, forecast at around 200 percent in 2022. While this is figure is over 100 times larger than the global average in most years, it actually marks a decrease in Venezuela's inflation rate, which had peaked at over 65,000 percent in 2018. Between 2016 and 2021, Venezuela experienced hyperinflation due to the government's excessive spending and printing of money in an attempt to curve its already-high inflation rate, and the wave of migrants that left the country resulted in one of the largest refugee crises in recent years. In addition to its economic problems, political instability and foreign sanctions pose further long-term problems for Venezuela. While hyperinflation may be coming to an end, it remains to be seen how much of an impact this will have on the economy, how living standards will change, and how many refugees may return in the coming years.

In economics, the inflation rate is a measure of the change in price of a basket of goods. The most common measure being the consumer price index. It is the percentage rate of change in price level over time, and also indicates the rate of decrease in the purchasing power of money. The annual rate of inflation for 2023, was 4.1 percent higher in the United States when compared to the previous year. More information on inflation and the consumer price index can be found on our dedicated topic page. Additionally, the monthly rate of inflation in the United States can be accessed here. Inflation and purchasing power Inflation is a key economic indicator, and gives economists and consumers alike a look at changes in prices in the wider economy. For example, if an average pair of socks costs 100 dollars one year and 105 dollars the following year, the inflation rate is five percent. This means the amount of goods an individual can purchase with a unit of currency has decreased. This concept is often referred to as purchasing power. The data presents the average rate of inflation in a year, whereas the monthly measure of inflation measures the change in prices compared with prices one year ago. For example, monthly inflation in the U.S. reached a peak in June 2022 at 9.1 percent. This means that prices were 9.1 percent higher than they were in June of 2021. The purchasing power is the extent to which a person has available funds to make purchases. The Big Mac Index has been published by The Economist since 1986 and exemplifies purchasing power on a global scale, allowing us to see note the differences between different countries currencies. Switzerland for example, has the most expensive Big Mac in the world, costing consumers 6.71 U.S. dollars as of July 2022, whereas a Big Mac cost 5.15 dollars in the United States, and 4.77 dollars in the Euro area. One of the most important tools in influencing the rate of inflation is interest rates. The Federal Reserve of the United States has the capacity to make changes to the federal interest rate . Changes to the rate of inflation are thought to be an imbalance between supply and demand. After COVID-19 related lockdowns came to an end there was a sudden increase in demand for goods and services with consumers having more funds than usual thanks to reduced spending during lockdown and government funded economic support. Additionally, supply-chain related bottlenecks also due to lockdowns around the world and the Russian invasion of Ukraine meant that there was a decrease in the supply of goods and services. By increasing the interest rate, the Federal Reserve aims to reduce spending, and thus bring demand back into balance with supply.

India inflation rate for 2024 was 4.95%, a 0.7% decline from 2023.

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

<li>India inflation rate for 2023 was <strong>5.65%</strong>, a <strong>1.05% decline</strong> from 2022.</li>
<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>
</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.

Inflation Rate in the United States increased to 2.40 percent in May from 2.30 percent in April of 2025. This dataset provides - United States Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

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 United States (FPCPITOTLZGUSA) from 1960 to 2024 about consumer, CPI, inflation, price index, indexes, price, and USA.

Japan inflation rate for 2024 was 2.74%, a 0.53% decline from 2023.

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

<li>Japan inflation rate for 2023 was <strong>3.27%</strong>, a <strong>0.77% increase</strong> from 2022.</li>
<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>
</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.

Inflation Rate in Indonesia decreased to 1.60 percent in May from 1.95 percent in April of 2025. This dataset provides - Indonesia Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In January 2025, prices had increased by three percent compared to January 2024 according to the 12-month percentage change in the consumer price index — the monthly inflation rate for goods and services in the United States. The data represents U.S. city averages. In economics, the inflation rate is a measure of the change in price level over time. The rate of decrease in the purchasing power of money is approximately equal. A projection of the annual U.S. inflation rate can be accessed here and the actual annual inflation rate since 1990 can be accessed here. InflationOne of the most important economic indicators is the development of the Consumer Price Index in a country. The change in this price level of goods and services is defined as the rate of inflation. The inflationary situation in the United States had been relatively severe in 2022 due to global events relating to COVID-19, supply chain restrains, and the Russian invasion of Ukraine. More information on U.S. inflation may be found on our dedicated topic page. The annual inflation rate in the United States has increased from 3.2 percent in 2011 to 8.3 percent in 2022. This means that the purchasing power of the U.S. dollar has weakened in recent years. The purchasing power is the extent to which a person has available funds to make purchases. According to the data published by the International Monetary Fund, the U.S. Consumer Price Index (CPI) was about 258.84 in 2020 and is forecasted to grow up to 325.6 by 2027, compared to the base period from 1982 to 1984. The monthly percentage change in the Consumer Price Index (CPI) for urban consumers in the United States was 0.1 percent in March 2023 compared to the previous month. In 2022, countries all around the world are experienced high levels of inflation. Although Brazil already had an inflation rate of 8.3 percent in 2021, compared to the previous year, while the inflation rate in China stood at 0.85 percent.

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.

Pakistan inflation rate for 2024 was 12.63%, a 18.14% decline from 2023.

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

<li>Pakistan inflation rate for 2023 was <strong>30.77%</strong>, a <strong>10.89% increase</strong> from 2022.</li>
<li>Pakistan inflation rate for 2022 was <strong>19.87%</strong>, a <strong>10.38% increase</strong> from 2021.</li>
<li>Pakistan inflation rate for 2021 was <strong>9.50%</strong>, a <strong>0.24% decline</strong> from 2020.</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.

Canada inflation rate for 2024 was 2.38%, a 1.5% decline from 2023.

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

<li>Canada inflation rate for 2023 was <strong>3.88%</strong>, a <strong>2.92% decline</strong> from 2022.</li>
<li>Canada inflation rate for 2022 was <strong>6.80%</strong>, a <strong>3.41% increase</strong> from 2021.</li>
<li>Canada inflation rate for 2021 was <strong>3.40%</strong>, a <strong>2.68% increase</strong> from 2020.</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.

The German inflation rate has returned to normal levels of around 2.2 percent, based on preliminary figures for 2024. Compared to skyrocketing rates in 2022 and 2023, this can be seen as an improvement of the national economic situation. Various factors influenced the recent development of inflation in Germany. These are the same that pushed inflation levels around the rest of the world, particularly since the beginning of the Russia-Ukraine war in 2022. The most recent recorded annual inflation rate in Germany is within the normal range defined by central banks internationally, which is generally between 1.5 and four percent a year. The 2.2 percent for 2024 are not only noticeably lower than the preceding two years, but also less than in 2021, one of the COVID-19 pandemic lockdown years in Germany. 2022 and 2023 followed on the heels of the challenges posed by the pandemic which were already straining the national economy: supply chain interruptions and delays, transport problems, labor shortages across sectors and industries. These issues continue to partially impact the economy today.

Inflation Rate in India decreased to 2.82 percent in May from 3.16 percent in April of 2025. This dataset provides - India Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2024, the average inflation rate in Hong Kong amounted to about 1.73 percent. Between 1980 and 2024, the figure dropped by approximately 2.71 percentage points, though the decline followed an uneven course rather than a steady trajectory. From 2024 to 2030, the inflation will rise by around 0.77 percentage points, showing an overall upward trend with periodic ups and downs.This indicator measures inflation based upon the year-on-year change in the average consumer price index, expressed in percent. The latter expresses a country's average level of prices based on a typical basket of consumer goods and services.

Norway inflation rate for 2024 was 3.15%, a 2.37% decline from 2023.

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

<li>Norway inflation rate for 2023 was <strong>5.52%</strong>, a <strong>0.25% decline</strong> from 2022.</li>
<li>Norway inflation rate for 2022 was <strong>5.76%</strong>, a <strong>2.28% increase</strong> from 2021.</li>
<li>Norway inflation rate for 2021 was <strong>3.48%</strong>, a <strong>2.2% increase</strong> from 2020.</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.

China inflation rate for 2024 was 0.22%, a 0.02% decline from 2023.

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

<li>China inflation rate for 2023 was <strong>0.23%</strong>, a <strong>1.74% decline</strong> from 2022.</li>
<li>China inflation rate for 2022 was <strong>1.97%</strong>, a <strong>0.99% increase</strong> from 2021.</li>
<li>China inflation rate for 2021 was <strong>0.98%</strong>, a <strong>1.44% decline</strong> from 2020.</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.

Inflation Rate in China remained unchanged at -0.10 percent in May. This dataset provides - China Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Ireland inflation rate for 2024 was 2.11%, a 4.19% decline from 2023.

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

<li>Ireland inflation rate for 2023 was <strong>6.30%</strong>, a <strong>1.53% decline</strong> from 2022.</li>
<li>Ireland inflation rate for 2022 was <strong>7.83%</strong>, a <strong>5.49% increase</strong> from 2021.</li>
<li>Ireland inflation rate for 2021 was <strong>2.34%</strong>, a <strong>2.67% increase</strong> from 2020.</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.