Global inflation tracker: see how your country compares on rising prices

Inflation is beginning to show signs of slowing from the decade-high levels reached in many countries following Russia’s all-out invasion of Ukraine.

The latest numbers for most of the world’s largest economies are still worrying as price pressures remain elevated as the war in Ukraine continues to push up energy and food prices. But in some countries the pressure has eased and wholesale energy and food prices have fallen. Economists and investors also expect inflation levels to stabilize over the next few years.

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High inflation remains geographically broad, although lower in many parts of Asia.

Central banks have responded with a series of rate hikes, although higher borrowing costs could put pressure on real incomes.

This page provides a regularly updated visual representation of consumer price inflation around the world.

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It includes economists’ expectations for the future, which continues to show that 2023 inflation forecasts are being revised upwards for many countries, although they have stabilized elsewhere, including Germany, according to leading forecasters polled by Consensus Economics.

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Investors’ expectations of where inflation will be five years from now have stopped rising, reflecting more aggressive central bank tightening and a weaker economic outlook.

In some countries, particularly in Europe, government tax packages to offset higher energy costs are having an effect.

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Rising energy prices were the main driver of inflation in many countries even before Russia invaded Ukraine. Daily data shows how pressure has mounted amid a conflict that has forced Europe to seek alternative gas supplies.

However, wholesale prices have now eased as global demand slows and European gas storage facilities are almost full.

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The pass-through from wholesale to consumer prices is not instantaneous, and costs for households and businesses remain high in Europe, where the energy crisis has been more intense due to the region’s greater reliance on Russian gas.

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Higher inflation has spread to many other items beyond energy, with rising food prices hitting the poorest consumers in particular.

Rising prices limit what households can spend on goods and services. For the less affluent, this could leave people struggling to afford basic necessities like food and shelter.

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Daily data on staples such as the wholesale price of breakfast items provides an up-to-date indicator of the pressures consumers are facing. While they have eased in recent months, they remain at high levels.

In developing countries, the wholesale cost of these ingredients has a greater impact on retail food prices; Groceries also make up a larger proportion of household expenses.

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Another area of ​​concern is asset prices, particularly for homes.

These have soared in many countries during the pandemic, spurred by ultra-loose monetary policy, homeworkers’ desire for more space, and government income support programs. However, higher mortgage interest rates are already leading to a significant slowdown in real estate price growth in many countries.

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