In the third quarter of 2024, half of Norwegian companies had problems with increasing purchase prices as a result of rising inflation seen around the world. Moreover, more than 40 percent faced problems due to an unstable economic framework. On the other hand, only 10 percent had issues with lack of credits or financing. As a consequence of the COVID-19 pandemic, as well as the Russian War in Ukraine that started in February 2022, inflation has been surging worldwide. For more information about inflation in the Nordic countries, please visit our dedicated topic page.

In case prices for goods and services go up significantly in 2023, over ** percent of consumers around the world said they would shop less in general and cut down on spending as a response. A fifth of survey respondents said they would look for and purchase cheaper and better value products. Less than **** percent of those surveyed worldwide believed inflation would be unlikely to impact their habits. What does inflation look like? The world entered a new inflation crisis in 2021, driven by a confluence of factors including the COVID-19 pandemic which restricted global supply chains, and the Russian-Ukraine war which exacerbated food and energy shortages. In 2022, global inflation hit **** percent, the highest annual increase in decades. The rate of inflation is estimated to remain high in the near future, at around *** percent in 2023 and *** percent in 2024. Inflation dominated the list of most important problems facing the world according to a survey conducted in October 2023 – leading ahead of poverty and social inequality, crime and violence, and unemployment. In a global consumer trends survey, the majority of respondents said that inflation impacted them completely or a lot – for instance, ***** in ** respondents in the United States admitted they had been seriously impacted. Inflation’s impact on the holidays The end-of-year holiday season is typically regarded as a period of increased retail spending, driven by a series of major shopping events such as Black Friday and Cyber Monday, as well as the public holidays Thanksgiving and Christmas. However, inflation has put a damper on the holiday cheer, with consumers expressing their intentions to cut back spending amid the cost-of-living crisis. In 2022, a significant share of consumers in Europe said they planned to cut at least some related expenses. In fact, ** percent of respondents in the United Kingdom planned to cut all expenses related to Black Friday and Christmas.

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 a January 2025 survey on domestic travel in the United Kingdom, 23 percent of respondents planned to book cheaper accommodation services in the next six months due to the cost of living crisis. Looking for more free activities and spending less on eating out were other popular strategies planned by domestic travelers to save money.

Over two-thirds of American households with children entering K-12 in the fall of 2024 were expecting rising prices to impact them more this year compared to last year. In contrast, just *** percent of respondents surveyed said they expected inflation to impact their back-to-school shopping less this time around.

In 2021, it was estimated that the food and grocery market in the United Kingdom (UK) grew by around four percent due to inflation. This figure was forecast to gradually decrease to *** percent by 2025.

Inflation in 2022 changed payment behavior for online shopping in the UK, with **** out of 10 respondents now paying with a credit card. This according to a survey held in ** different countries across North America, Europe, and Latin America, and purely asked on whether cost of living had changed payment behavior in those countries. Credit cards, BNPL, and crypto were all used more often, but neither saw the largest growth: ** percent of respondents who changed their payment habits because of the rising cost of living in 2022 are paying online with debit cards more often than they did in the previous year.

In the United States, almost *** in **** online shoppers profited from Amazon Prime Day deals to stock up on items that got more expensive because of inflation in 2022. According to a poll, over ********* of the surveyed U.S. consumers even waited for Amazon Prime in order to purchase a product at a lower price. Overall, the inflation rate had no effect on a limited share of consumers – less than ** percent.

In a survey conducted in the United States in May 2022, the vast majority of respondents (93 percent) said that inflation affected their decision to buy and sell pre-owned goods. The main reason driving recommerce demand was the concern to save money and hunt for bargains.

Due to a number of factors, including the Russian invasion of Ukraine in early 2022, countries around the world have had to adapt to increased inflation rates. According to a survey conducted in March 2022, many consumers in the United States have already felt the weight of rising prices. In fact, approximately **** of those surveyed stated that the sudden surge of inflation has impacted their ability to pay their bills and buy basic necessities.

In 2025, almost ** percent of consumers had seen price increases in supermarkets. Restaurants and gas stations were also among the most impacted store types, while ecommerce sites and furniture stores were the least impacted.

According to a Rakuten Insight survey conducted in March 2023, around 59 percent of respondents in Vietnam indicated that they were more cautious when spending in response to inflation. Meanwhile, only two percent disclosed their incapability to cope with the effects of inflation.

According to recent projections, the impact of reciprocal tariffs worldwide will lead to a short-term acceleration of prices by 0.71 percent. The U.S. is expected to experience the highest price index increase, estimated at 7.26 percent.

Inflation Rate in the United States increased to 2.70 percent in June from 2.40 percent in May of 2025. This dataset provides - United States Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

According to a 2023 survey by Rakuten Insight on inflation in the Philippines, the majority of respondents indicated that their ability to pay for basic necessities such as food, clothing, healthcare was affected by inflation. Meanwhile, around ** percent of survey participants said they were unable to save due to inflation.

During this year's Thanksgiving season, many U.S. consumers were looking to take cost-cutting measures when shopping for Thanksgiving. According to the findings of a survey, a quarter of consumers was looking to use more coupons, while another ** percent said they were going to cut back on the number of guests.

According to a survey by Rakuten Insight conducted in March 2023 on the impact of inflation in South Korea, over ** percent of female respondents felt the effects in groceries. While this was also the category that men in this survey felt the impacts of inflation the most, over ** percent of men also were weighed down by the inflation effects when it came to fuel and gas.

In a survey conducted by Rakuten Insight in March 2023 in Taiwan, 56 percent of respondents stated that they need be cautious of their expenses due to inflation. In comparison, 10 percent of respondents reported that they were not impacted by inflation at all.

A survey conducted by Rakuten Insight in March 2023 found that about ** percent of respondents in Singapore reported that rising prices of groceries had the most significant impact on them. In addition, ** percent of respondents stated that inflation in utility costs was the most challenging to deal with.

A survey conducted by Rakuten Insight in March 2023 found that ** percent of respondents in India always checked prices before purchasing goods or services because of inflation. Moreover, ** percent of respondents indicated that they had to cut back on unnecessary spending.