From 2016 to 2026*, this statistic illustrates the global inflation rate compared to the prior year. In comparison to the previous year, global inflation in 2020 is expected to be at 3.18 percent.
Inflation rates around the world
Inflation is commonly characterized as a steady rise in the overall level of prices for goods and services. Since the global financial crisis in 2008, the worldwide economy has suffered greatly, causing global inflation to rise. In comparison to the previous year, worldwide inflation reached its greatest point in the last decade in 2008, when it jumped by more than 6.4 percent.
The Middle East and North Africa, as well as Africa Sub-Sahara, had the highest year-over-year inflation rates in 2014. Venezuela and Ukraine were the countries in the world with the highest inflation rates in 2015. Surprisingly, the inflation rate in Venezuela was around three times higher than the inflation rate in Ukraine in 2015.
The cost of living in the Middle East has risen dramatically in comparison to that of developed countries, owing to a worldwide economic slowdown, a lack of a sufficient central bank, and rising interest rates.