Inflation increased rapidly around the world through 2022 and 2023, before it started falling in some countries in 2024. In a survey conducted in the spring of 2024, ** percent blamed the state of the global economy for the rising cost of living in their country, whereas more than ********** blamed the interest rate in their country as well as the policies of their national government.

Inflation in the table below is defined as the percent change in the CPI from the same month last year. The first column of numbers shows the latest value available from the national authorities and the next two columns show the levels of annual inflation three months and one year prior to the latest release. The data are updated daily. Over long stretches of time - typically years - inflation is a byproduct of the expansion of money supply. In the short run the inflation rate fluctuates with economic growth as recessions slow down the increase in prices and rapid output growth accelerates it. Shits in exchange rates, commodity prices, and natural phenomena like droughts also have an impact. Over time, however, these factors have only a transitory effect and the only variable that matters is money supply growth. The control of inflation is delegated to central banks that typically try to balance between relatively low inflation and low unemployment. For more, you can read our articles about optimal inflation and the causes of inflation in the short run and the long run.

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.

Since 2021, the inflation rate in Germany and the euro area has increased significantly. At the same time, there are increasing signs of ``de-anchoring'' of inflation expectations in Germany. This paper - building on the approach of Andre et al. (2022) - examines in a pilot study survey-based narratives for the rising inflation together with socio-economic factors. A mixed-methods approach is used to classify the narratives, with clustering based on statistical criteria. A regression analysis is used to examine the relationship between socio-economic factors and narratives on the one hand, and the relationship between narratives/clusters of narratives and a de-anchoring of inflation expectations on the other hand. We can associate certain narratives with socio-economic characteristics and political partisanship. Narrative complexity is a function of education and literacy. Narrative clusters correspond to certain milieus and dimensions of socio-economic stratification. Narratives of supply shortages and price gouging are positively correlated with anchored expectations; demand and government plus other narratives are negatively correlated with anchored expectations.

According to a survey conducted between July 9 and July 11, 2022, ** percent of Americans thought that Joe Biden was highly responsible for the current trend in the inflation rate. This is compared to ** percent of Americans who said President Biden did not have a lot of responsibility for the current inflation rate.

Inflation in the U.S. Global events in 2022 had a significant impact on the United States. Inflation rose from *** percent in January 2021 to *** percent in June 2022. Significantly higher prices of basic goods led to increased concern over the state of the economy, and the ability to cover increasing monthly costs with the same income. Low interest rates, COVID-19-related supply constraints, corporate profiteering, and strong consumer spending had already put pressure on prices before Russia’s invasion of Ukraine in February 2022. Despite rising wages on paper, the rapid growth of consumer prices resulted in an overall decline in real hourly earnings in the first half of 2022.

How much control does Joe Biden have over inflation? The bulk of economic performance and the inflation rate is determined by factors outside the President’s direct control, but U.S. presidents are often held accountable for it. Some of those factors are market forces, private business, productivity growth, the state of the global economy, and policies of the Federal Reserve. Although high-spending decisions such as the 2021 COVID-19 relief bill may have contributed to rising inflation rates, the bill has been seen by economists as a necessary intervention for preventing a recession at the time, as well as being of significant importance to low-income workers impacted by the pandemic.

The most important tool for curbing inflation and controlling the U.S. economy is the Federal Reserve. The Reserve has the ability to set, raise, and lower interest rates and determine the wider monetary policy for the United States – something out of the president’s control. In June 2022, the Reserve announced it would raise interest rates **** percent for the second time that year – hoisting the rate to a target range of **** to *** percent – in an attempt to slow consumer demand and balance demand with supply. However, it can often take time before the impacts of interventions by the Federal Reserve are seen in the public’s day-to-day lives. Most economists expect this wave of inflation to pass in a year to 18 months.

This dataset provides values for INFLATION RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

This data package includes the underlying data files to replicate the data and charts presented in The Inflation Surge in Europe by Patrick Honohan, PIIE Policy Brief 24-2.

If you use the data, please cite as: Honohan, Patrick. 2024. The Inflation Surge in Europe. PIIE Policy Brief 24-2. Washington, DC: Peterson Institute for International Economics.

The UK inflation rate was 3.6 percent in June 2025, up from 3.4 percent in the previous month, and the fastest rate of inflation since January 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.

This data package includes the underlying data files to replicate the data and charts presented in What caused the US pandemic-era inflation? PIIE Working Paper 23-4.

If you use the data, please cite as: Bernanke, Ben, and Olivier Blanchard. 2023. What caused the US pandemic-era inflation? PIIE Working Paper 23-4. Washington, DC: Peterson Institute for International Economics.

The inflation rate in Germany was 1.35 percent in 2019. The current rate meets the European Central Bank’s target rate, which is “below, but close to, 2 percent.” Many central bankers favor inflation between 2 and 3 percent, but Germans in particular would rather risk deflation than too much inflation.

Causes of inflation

Central bankers like low, stable inflation because this is a sign of a growing economy. When the economy grows, workers become more productive and spend more, and prices slowly rise. Monetary policy can cause inflation, but Germany has given this responsibility to the European Central Bank (ECB). Importantly, inflation expectations affect inflation, making it a self-fulfilling prophecy.

The German context

During the eurozone crisis, German politicians were advocating for the ECB to raise interest rates quickly. This would have reduced inflation, possibly causing deflation, but would have presented another hurdle for the struggling Greek economy. This is because of the hyperinflation of the Weimar Republic in the 1920s, when Germans carried their pay home in wheelbarrows because the banknotes had lost so much value. Ever since, Germans often warn that inflation harms pensioners and that personal provisions are necessary in any case. Fortunately for them, this statistic forecasts stable, modest inflation that does not alarm many economists.

This dataset provides values for INFLATION RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Inflation Rate in Nigeria decreased to 21.88 percent in July from 22.22 percent in June of 2025. This dataset provides - Nigeria Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

Governments'™ party identifications can indicate the types of economic policies they are likely to pursue. A common rule of thumb is that left-party governments are expected to pursue policies for lower unemployment, but which may cause inflation. Right-party governments are expected to pursue lower inflation policies. How do these expectations shape the inflation forecasts of monetary policy bureaucrats? If there is a mismatch between the policies bureaucrats expect governments to implement and those that they actually do, forecasts will be systematically biased. Using US Federal Reserve Staff'™s forecasts we test for executive partisan biases. We find that irrespective of actual policy and economic conditions forecasters systematically overestimate future inflation during left-party presidencies and underestimate future inflation during right-party ones. Our findings suggest that partisan heuristics play an important part in monetary policy bureaucrats'™ inflation expectations.

Inflation Rate in Germany remained unchanged at 2 percent in July. This dataset provides the latest reported value for - Germany Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Different resampling methods for the null hypothesis of no Granger causality are assessed in the setting of multivariate time series, taking into account that the driving-response coupling is conditioned on the other observed variables. As appropriate test statistic for this setting, the partial transfer entropy (PTE), an information and model-free measure, is used. Two resampling techniques, time-shifted surrogates and the stationary bootstrap, are combined with three independence settings (giving a total of six resampling methods), all approximating the null hypothesis of no Granger causality. In these three settings, the level of dependence is changed, while the conditioning variables remain intact. The empirical null distribution of the PTE, as the surrogate and bootstrapped time series become more independent, is examined along with the size and power of the respective tests. Additionally, we consider a seventh resampling method by contemporaneously resampling the driving and the response time series using the stationary bootstrap. Although this case does not comply with the no causality hypothesis, one can obtain an accurate sampling distribution for the mean of the test statistic since its value is zero under H0. Results indicate that as the resampling setting gets more independent, the test becomes more conservative. Finally, we conclude with a real application. More specifically, we investigate the causal links among the growth rates for the US CPI, money supply and crude oil. Based on the PTE and the seven resampling methods, we consistently find that changes in crude oil cause inflation conditioning on money supply in the post-1986 period. However this relationship cannot be explained on the basis of traditional cost-push mechanisms.

Inflation Rate in Bangladesh increased to 8.55 percent in July from 8.48 percent in June of 2025. This dataset provides the latest reported value for - Bangladesh Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Inflation in Myanmar dropped to a five-year low in 2022, settling at 2.25 percent. This is down from a fairly high spike in 2015, expected to converge to a steady state around 7.8 percent in the coming years. For a developing economy, this is an acceptable level, though Myanmar’s central bankers would probably prefer one or two percentage points less. What is inflation? Inflation is the rise in prices over time. This is often caused by economic growth, and economists consider low, stable growth to be a sign of a healthy economy. The unemployment rate can also cause inflation if it is too low because businesses have to offer higher wages to attract workers. The firms raise prices to pay these higher wages, driving up inflation. Myanmar may be different While the unemployment rate is very low, other indicators may reveal that the labor market still has some slack. Myanmar does not publish the workforce particiaption rate, but one can infer by the low rate of urbanization that many workers may engage in subsistance agriculture or simply not search for jobs, keeping them out of the unemployment statistic. Similarly, the low gross domestic product (GDP) per capita may cause workers to stay with a job that is not a good match simply because they do not think they can find another. The hope is that the higher inflation rate will have upward pressure on wages, bringing more wealth to the people of Myanmar.

Inflation Rate in Malawi decreased to 27.10 percent in June from 27.70 percent in May of 2025. This dataset provides the latest reported value for - Malawi Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Since 2021, the large economies of Western Europe have been experiencing a surge in inflation, with inflation reaching as high as 11.84 percent in Italy during October 2022. During 2023 the rate of inflation in all these economies has fallen significantly, reaching as low as 0.67 percent in Italy and 3.17 percent in Germany. This inflationary episode is understood by economists to have been caused by several factors, notably the supply chain issues during the COVID-19 pandemic, pent-up consumer demand which was released after lockdowns ended, as well as policies of monetary and fiscal stimulus during the pandemic aimed at boosting economic activity.