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.

The average ethanol import price in the EU surged to $1,076 per ton in 2021.

In December 2022, the price of cauliflower and broccoli per ton (FOB, Mexico) was $721, increasing by 17% compared to the previous month.

We study a repeated game of price leadership in which a firm proposes supermarkups over Bertrand prices to a coalition of rivals. Supermarkups and marginal costs are recoverable from data on prices and quantities. In an application to the beer industry, we find that price leadership increases profit relative to Bertrand competition by 17% in fiscal years 2006 and 2007, and by 22% in 2010 and 2011, with the change mostly due to consolidation. We simulate two mergers, which relax incentive compatibility constraints and increase supermarkups. These coordinated effects arise even with efficiencies that offset price increases under Bertrand competition.

In August 2022, the lemon and lime price per ton amounted to $931, picking up by 17% against the previous month.

In 2018, Ginger Producer Price in Jamaica was up 17% compared to the previous year.

In September 2023, Learning and Work was commissioned by the GLA to conduct research into the impact of the rising cost of living on London’s adult education landscape. GLA data shows that in 2023, 17% of Londoners were ‘struggling financially’, and another 30% were ‘just about managing’. Increased inflation also impacted the cost of doing business for London’s skills providers and Further Education (FE) workforce. This report and the summary report are based upon a survey, depth interviews and focus groups with learners, providers, and third sector organisations that provide and campaign for people on low incomes. The fieldwork took place between November 2023 and March 2024. The research provides an account of the impact of the rising cost of living on London’s FE sector.

In April 2023, the Tin Ore price in Spain increased by 17% to $15,852 per ton (FOB), compared to the previous month.

In September 2022, the plastic furniture fittings price stood at $11.8 per kg (CIF, Canada), picking up by 17% against the previous month.

In 2024, the global piper pepper market increased by 17% to $4.8B, rising for the fifth year in a row after four years of decline. Overall, the total consumption indicated a perceptible expansion from 2012 to 2024: its value increased at an average annual rate of +4.0% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +88.8% against 2019 indices.

The Hungarian plastic closure market skyrocketed to $258M in 2024, rising by 17% against the previous year. Overall, the total consumption indicated notable growth from 2012 to 2024: its value increased at an average annual rate of +4.5% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +72.8% against 2022 indices.

The global recovered paper market soared to $44.5B in 2024, increasing by 17% against the previous year. The market value increased at an average annual rate of +1.4% from 2012 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market hit record highs at $50.9B in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

For the fourth consecutive year, the United States recorded growth in purchases abroad of rum, which increased by 17% to 33M litres in 2023.

The EU orange juice (single strength) market surged to $1.3B in 2024, picking up by 17% against the previous year. The market value increased at an average annual rate of +3.0% from 2012 to 2024; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

In 2024, the Argentinian plastic bottle market increased by 17% to $103M, rising for the fourth year in a row after two years of decline. Over the period under review, consumption showed a prominent expansion. Plastic bottle consumption peaked in 2024 and is likely to continue growth in the immediate term.

In January 2023, the food mixer price stood at $18.9 per unit (CIF, Netherlands), increasing by 17% against the previous month.

The Australian flat glass market surged to $72M in 2024, increasing by 17% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption enjoyed a remarkable increase. Over the period under review, the market attained the peak level at $84M in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

In 2024, the Thai dry peas market increased by 17% to $11M, rising for the seventh year in a row after two years of decline. Overall, the total consumption indicated a noticeable expansion from 2012 to 2024: its value increased at an average annual rate of +3.3% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +97.5% against 2017 indices.

In April 2023, the Cinnamon price rose to $5,824 per ton (CIF, Japan), marking a 17% increase compared to the previous month.