Comparing US inflation rate to other countries

In September, the annual inflation rate in the US remained near a 40-year high of 8.2%. But that’s not the highest in the world.

The Federal Reserve raised its target interest rate by 3/4 percentage point on Wednesday, November 2 in an effort to combat high inflation in the US.

Some are wondering how inflation in the US compares to other countries with similar economies around the world, including Carson readers. They emailed the group to ask if inflation is actually worse in other countries than in the US

QUESTION

Is there any other economy comparable to worse inflation than the US?

SOURCES

ANSWER

This is the truth.

Yes, there are other comparable economies with worse inflation than the US

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WHAT WE FIND

The consumer price index (CPI), calculated by the Bureau of Labor Statistics (BLS), is the most widely used measure of inflation in the United States. It is designed to measure price changes across a “basket” of many goods and services on a daily basis.

In September, the annual inflation rate in the US remained near a 40-year high at 8.2%, CPI data showed. But that’s not the highest in the world.

More words VERIFY: Yes, there is 0% inflation in July 2022, but inflation is still at 8.5% yearly

The International Monetary Fund (IMF) tracks monthly inflation rates in most economies around the world. Inflation rates in September ranged from nearly 285% in Zimbabwe to just under 2% in Hong Kong.

Many countries with economies similar to those of the US also have higher inflation rates.

The Organization for Economic Cooperation and Development (OECD), an economic and social policy development and discussion group, includes about three dozen countries with economies similar to the United States.

OECD data shows that the US ranks 24th out of 36 countries in terms of inflation rate.

Turkiye ranks highest of these 36 countries, with an annual inflation rate of more than 83%.

Countries such as Germany, Chile and the United Kingdom had higher inflation rates than the US in September. On the other hand, there are countries on this list that have lower inflation rates, including Japan, Switzerland, and Costa Rica.

In Europe, high energy costs due to the war in Ukraine are driving record-high inflation, Tom Smith, economist and professor of finance at Emory University, told VERIFY’s Atlanta-based partner station WXIA. .

More words VERIFY: No, the Inflation Reduction Act does not raise middle class income taxes

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Edmund DeMarche

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