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.

Inflation Rate in Russia decreased to 9.90 percent in May from 10.20 percent in April of 2025. This dataset provides - Russia Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In May 2025, the inflation rate in Russia stood at **** percent compared to the same month in the previous year, showing an increase. The rate has been decreasing since March 2025. The highest rate during the observed period was recorded in April 2022, at **** percent. The term inflation means the devaluation of money caused by a permanent increase in the price level for products (consumer goods, investment goods). The Consumer Price Index (CPI) shows the price development for private expenses and shows the current level of inflation when increasing. Russia's economy, an outlook The Russian economy was expected to grow by *** percent in 2025 despite the Western sanctions over the war in Ukraine that began in February 2022. At the same time, consumer prices were projected to grow by around **** percent in 2025 relative to the previous year. In 2024, the inflation rate was estimated at **** percent. Prices in Russia Russia’s economy is highly dependent on and affected by the price of oil. The price of the Urals crude oil stood at approximately ***** U.S. dollars per barrel in April 2025, having demonstrated a decrease from the previous month. The highest producer price index (PPI) was recorded in the electricity and gas supply sector, with a price growth rate of over ** percent in September 2024.

Inflation Rate in Ukraine increased to 15.90 percent in May from 15.10 percent in April of 2025. This dataset provides the latest reported value for - Ukraine Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

During the week ending January 27, 2025, consumer prices in Russia were 1.14 percent higher than at the beginning of the year. The year-to-date inflation rate continuously increased until mid-May 2022 and from mid-September 2022, reflecting the economic impact of sanctions on Russia due to the war in Ukraine.

As of January 27, 2025, the year-over-year inflation rate in Russia was measured at 8.15 percent, remaining unchanged from the previous week. The growth in consumer prices at the end of February and in March 2022 was caused by the war in Ukraine and subsequent international sanctions on Russia. In April 2024, the inflation rate in Russia reached 7.8 percent relative to the corresponding period of the previous year.

As a result of Russia's invasion of Ukraine, the global economy is estimated to contract by **** percent in 2022. Furthermore, due to sanctions imposed on Russia, its economy is projected to decline by *** percent in 2022 and by **** percent in 2023.

In 2022, a spike of inflation had been recorded worldwide due to several causes, including the coronavirus (COVID-19) pandemic and the Russia-Ukraine war. When asked about it, in both the third and fourth quarters of 2022, consumers in Canada believed the inflation rate averaged roughly eight percent over the past 12 months. In early 2024, Canadians' idea of what the rate of inflation had been over the last 12 months was closer to five percent.

The benchmark interest rate in Russia was last recorded at 20 percent. This dataset provides the latest reported value for - Russia Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In 2024, the German economy shrunk by 0.2 percent. This was due to persistently high inflation that was triggered by the start of the Russia-Ukraine war in 2022. In 2025 and 2026, the economy is predicted to begin growing again.

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.

The global fuel energy price index stood at 153.15 index points in May 2025, up from 100 in the base year 2016. Figures decreased that month due to lower heating fuel demand and a fall in crude oil prices. The fuel energy index includes prices for crude oil, natural gas, coal, and propane. Supply constraints across multiple commodities The global natural gas price index surged nearly 11-fold, and the global coal price index rose almost seven-fold from summer 2020 to summer 2022. This notable escalation was largely attributed to the Russia-Ukraine war, exerting increased pressure on the global supply chain. Global ramifications of the Russia-Ukraine war The invasion of Ukraine by Russia played a role in the surge of global inflation rates. Notably, Argentina bore the brunt, experiencing a hyperinflation rate of 92 percent in 2022. The war also exerted a significant impact on global gross domestic product (GDP) growth. Saudi Arabia emerged with a notable increase of nearly three percent, as several Western nations shifted their exports from Russia to Middle Eastern countries due to the sanctions imposed on the former.

The rising inflation worldwide in 2022 and 2023 is reflected in the increasing prices of the different commodity groups in the G7 countries. Most notably, the price of electricity, gas, and other fuels was high in the third quarter of 2024 in Japan, with price increases reaching 15 percent compared to the same period in 2023. On the other hand, gas and electricity inflation was negative in Germany, Italy, and the UK following extremely high rates in 2022 and the first half of 2023. Inflation rates increased sharply all around the world through 2022 and the beginning of 2023, spurred by Russia's invasion of Ukraine in February that year. Economic challenges in Japan As food and restaurant costs have risen in Japan in comparison to the rest of the G7 nations, overall, Japan is facing a period of economic slowdown. Over time, the value of the Japanese yen has dropped. Moreover, the Japanese GDP has also dropped, going from around five trillion U.S. dollars in 2021 to 4.1 trillion U.S. dollars by 2024. However, it is predicted to begin increasing by 2025. Falling electricity costs Due to the COVID-19 pandemic and the energy crisis driven by the February 2022 invasion of Russia into Ukraine, electricity prices increased worldwide through 2021, 2022, and 2023. As of 2024, inflation of electricity costs is decreasing across the G7, more than other commodity groups. This rise and fall can be seen throughout Europe as well as within the United States, after peaking in 2022.

Over the week ending November 5, 2024, consumer prices in Russia decreased from the week prior by 0.19 percent. During the observed period, the highest weekly inflation rate was recorded over the week from February 26 to March 4, 2022, which was the first full week after Russia's invasion of Ukraine that started on February 24, 2022. Year-to-date, consumer prices grew by over three percent from January 1, 2024. How much was the Russian inflation rate in 2023? The annual increase in the Russian consumer price index (CPI) stood at approximately 5.9 percent in 2023 and was around 7.9 percentage points lower than in 2022, when the figure was significantly high due to the war in Ukraine. Over 2023, the highest monthly inflation rate was recorded in January at roughly 12 percent. Which products have the highest inflation rate in Russia? Financial and insurance services recorded the highest increase in consumer prices in Russia in 2023, at over 13 percent. They were followed by sports, recreation, and culture. Among food products, the highest inflation rate in June 2024 relative to the end of the previous year was recorded for beet root, carrots, potatoes, white cabbage, and onions.

The Consumer Price Index (CPI) measures the change in price of goods and services within a country. In Italy, the price index for non-food and non-energy consumer goods reached about 114 in 2024, which is an increase of about three points compared to the previous year. Most countries in Europe saw inflation rates increase considerably after the coronavirus pandemic and amid the Russia-Ukraine war.

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.

Inflation rates rose all around the world in 2022 and remained high in 2023, so also in the G7 countries except *****. However, inflation rates were forecast to ********* the next years. Inflation rates ********* sharply all around the world through 2022, spurred by Russia's invasion of Ukraine in February that year. Especially gas and electricity were hit by price increases following the outbreak of the Russia-Ukraine war.

Fuel prices, already high due to a recovering post-pandemic economy, surged even higher after Russia's invasion of Ukraine on February 2022. As of May of that same year, UCOME (used cooking oil methyl ester) average wholesale prices were higher than any other fuel, standing at 2,607 U.S. dollars per metric ton of oil equivalent. This represented an increase of over 124 percent when compared to 2018/2019 average prices. However, the largest price increase was reported for TME (tallow methyl ester). As of May 2022, TME's average wholesale price amounted to 1,112 U.S. dollars per metric ton of oil equivalent, up by more than 133 percent in comparison to 2018/2019.

In 2023, the gross domestic product in the European Union grew by 0.8 percent, as economic stagnation and high inflation caused by the Russia-Ukraine war impacted European economies. The European Commission forecasts that the European economy will have grown by 0.9 percent in 2024, continuing the trend registered in the previous year. This represents slow economic growth after the post-pandemic resurgence, yet avoids the recession many commentators warned the EU might slip into. Growth is forecast to increase again in 2025, climbing to 1.5 percent—a figure considered low by historical EU standards, excluding periods of economic crisis.

In December 2024, the inflation rate in Russia stood at around 9.5 percent compared to the same month in the previous year, showing an increase. The rate has been rising since October 2024. The highest rate during the observed period was recorded in April 2022, at 17.8 percent. The term inflation means the devaluation of money caused by a permanent increase in the price level for products (consumer goods, investment goods). The Consumer Price Index (CPI) shows the price development for private expenses and shows the current level of inflation when increasing. Russia's economy, an outlook The Russian economy was expected to grow by 1.6 percent in 2025 despite the Western sanctions over the war in Ukraine that began in February 2022. At the same time, consumer prices were projected to grow by around five percent in 2025 relative to the previous year. In 2024, the inflation rate was estimated at 7.9 percent. Prices in Russia Russia’s economy is highly dependent on and affected by the price of oil. The price of the Urals crude oil stood at approximately 62 U.S. dollars per barrel in December 2024, having demonstrated an increase from the previous month. The highest producer price index (PPI) was recorded in the electricity and gas supply sector, with a price growth rate of over 12 percent in September 2024.