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.

In 2023, Japan had an average inflation rate estimated at 3.21 percent, marking the highest rate of inflation in Japan in almost a decade. However, this figure was still very low compared to most other major economies, such as Japan's fellow G7 members, four of which had inflation rates around six or seven percent in 2023 due to the global inflation crisis. Why is Japan's inflation rate lower? There are a number of contributing factors to Japan's relatively low inflation rate, even during economic crises. Japan eased its Covid restrictions more slowly than most other major economies, this prevented post-pandemic consumer spending that may have driven inflation through supply chain issues caused by higher demand. As the majority of Japan's food and energy comes from overseas, and has done so for decades, the government has mechanisms in place to prevent energy and wheat prices from rising too quickly. Because of this, Japan was able to shield its private sector from many of the negative knock on effects from Russia's invasion of Ukraine, which had a significant impact on both sectors globally. Persistent deflation and national debt An additional factor that has eased the impact of inflation on Japan's economy is the fact that it experienced deflation before the pandemic. Deflation has been a persistent problem in Japan since the asset price bubble burst in 1992, and has been symptomatic of Japan's staggering national debt thereafter. For almost 30 years, a combination of quantitative easing, low interest rates (below 0.5 percent since 1995, and at -0.1% since 2016), and a lack of spending due to low wages and an aging population have combined to give Japan the highest national debt in the world in absolute terms, and second-highest debt in relation to its GDP, after Venezuela. Despite this soaring debt, Japan remains the fourth-largest economy in the world, behind the U.S., China, and Germany.

Harmonised Inflation Rate MoM in Slovakia decreased to 0.40 percent in February from 1.80 percent in January of 2025. This dataset includes a chart with historical data for Slovakia Harmonised Inflation Rate MoM.

The Consumer Price Index in Luxembourg increased 1.19 percent in February of 2025 over the previous month. This dataset provides - Luxembourg Inflation Rate MoM- actual values, historical data, forecast, chart, statistics, economic calendar and news.

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 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.

Harmonised Inflation Rate MoM in Norway increased to 1.60 percent in February from 0 percent in January of 2025. This dataset includes a chart with historical data for Norway Harmonised Inflation Rate MoM.

Serbia inflation rate for 2023 was 12.37%, a 0.39% increase from 2022.

• Serbia inflation rate for 2022 was 11.98%, a 7.9% increase from 2021.
• Serbia inflation rate for 2021 was 4.09%, a 2.51% increase from 2020.
• Serbia inflation rate for 2020 was 1.58%, a 0.27% decline from 2019.

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.

According to the source, the index reflects the current cost for one set of each of the gifts given in the song "The Twelve Days of Christmas". With a decrease of 21.7 percent over previous year, 1995 saw the greatest decline in cost for these gifts. After a significant increase in 2022, the inflation rate slowed slightly in 2023 with a total increase of 2.7 percent. The cost for the ten Lords-a-Leaping - the most expensive item in the index - was at 14,539 U.S. dollars in 2023.

The average inflation rate in Taiwan was forecast to decrease between 2024 and 2029 by in total 0.6 percentage points. This overall decrease does not happen continuously, notably not in 2028. The inflation is estimated to amount to 1.47 percent in 2029. This indicator measures inflation based upon the year on year change in the average consumer price index. The latter expresses a country's average level of prices based on a typical basket of consumer goods and services. The values shown here refer to the year-on-year change in this index measure, expressed in percent.Find more key insights for the average inflation rate in countries like China, South Korea, and Macao SAR China.

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 Guyana decreased to 3 percent in February from 3.10 percent in January of 2025. This dataset provides - Guyana Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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 statistic shows the average inflation rate in Canada from 1987 to 2023, with projections up until 2029. The inflation rate is calculated using the price increase of a defined product basket. This product basket contains products and services, on which the average consumer spends money throughout the year. They include expenses for groceries, clothes, rent, power, telecommunications, recreational activities and raw materials (e.g. gas, oil), as well as federal fees and taxes. In 2022, the average inflation rate in Canada was approximately 6.8 percent compared to the previous year. For comparison, inflation in India amounted to 5.56 percent that same year.

Inflation in Canada

In general, the inflation rate in Canada follows a global trend of decreasing inflation rates since 2011, with the lowest slump expected to occur during 2015, but forecasts show an increase over the following few years. Additionally, Canada's inflation rate is in quite good shape compared to the rest of the world. While oil and gas prices have dropped in Canada much like they have around the world, food and housing prices in Canada have been increasing. This has helped to offset some of the impact of dropping oil and gas prices and the effect this has had on Canada´s inflation rate.

The annual consumer price index of food and non-alcoholic beverages in Canada has been steadily increasing over the last decade. The same is true for housing and other price indexes for the country. In general there is some confidence that the inflation rate will not stay this low for long, it is expected to return to a comfortable 2 percent by 2017 if estimates are correct.

The Consumer Price Index in Latvia increased 0.80 percent in February of 2025 over the previous month. This dataset provides - Latvia Inflation Rate MoM - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Poland's CPI inflation rate has been rising steadily since 2018. In 2022, prices of goods and services increased by 11.4 percent y/y. The highest inflation level was recorded during the period of political system transformation. In 1990, the inflation rate was nearly 586 percent. The inflation slowed down in 2024, reaching 3.6 percent.

The average inflation rate in Slovakia was forecast to decrease between 2024 and 2029 by in total 0.8 percentage points. This overall decrease does not happen continuously, notably not in 2029. The inflation is estimated to amount to 2.02 percent in 2029. The International Monetary Fund describes this indicator as a measure of inflation based upon the year on year change in the average consumer price index. The latter expresses a country's average level of prices based on a typical basket of consumer goods and services. The values shown here refer to the year-on-year change in this index measure, expressed in percent.Find more key insights for the average inflation rate in countries like Slovenia, Hungary, and Czechia.

Inflation Rate in Kuwait decreased to 2.49 percent in February from 2.50 percent in January of 2025. This dataset provides the latest reported value for - Kuwait Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

This statistic shows the average inflation rate in South Korea from 1987 to 2023, with projections up until 2029. In 2023, the average inflation rate in South Korea amounted to about 3.59 percent compared to the previous year. For further info, see the South Korean GDP.

South Korea's low inflation

High rates of inflation are undesireable, just like low rates, and South Korea is currently struggling with the latter. South Korea is actually an affluent country and currently ranks 11th on the list of the 20 countries with the largest GDP, but its inflation rate is subject to concern, as it is currently at levels below 2 percent.

However, there is still hope that inflation will return to stable rates between 3 and 4.5 percent in the next few years, and there are also signs that consumer confidence is rising after two years of weak economic growth and sluggish domestic consumption and investment. The unemployment rate remains low with levels staying in the range of 3 percent - close to full employment – yet there are still obstacles including an aging population and a heavy reliance on exports. At present, South Korea is attempting to balance its reliance on exports by expanding the service industry, especially as the export market slows.

In 2023, the usual median hourly rate of a worker's wage in the United States was 19.24 U.S. dollars, a decrease from the previous year. Dollar value is based on 2023 U.S. dollars. In 1979, the median hourly earnings in the U.S. was 17.48 dollars.