Inflation is the rate of increase in the price of goods and services in an economy. According to the International Monetary Fund (IMF), there will be significant inflation pressures around the world in 2022 with developing economies being the worst hit.
The IMF had projected inflation to reach 8.7 percent for the year for developing nations. However, it revised the inflation projection upwards by 2.8 percent after Russia’s invasion of Ukraine.
Here’s a look at the countries with the highest inflation in 2022:
10. Ethiopia |
Ranking on the 10th spot, Ethiopia’s inflation rose to 36.6 percent in April 2022 from 34.7 percent in March 2022. Upward pressure came from prices of both food (42.9 percent vs 43.4 percent in March) and non-food items (28.1 percent vs 23.5 percent).
9. Iran | Iran’s inflation in May 2022 reached its highest level since September 2021 on the back of rising prices of housing and utilities, food & non-alcoholic beverages and transport. The inflation rate increased to 39.3 percent in May 2022 from 35.6 percent in April 2022.
8. Argentina | Argentina’s inflation in April 2022 rose to 58 percent the steepest since January of 1992.
7. Suriname | Suriname’s inflation declined to 59.80 percent in April from 62.20 percent in March of 2022.
6. Turkey | Turkey’s inflation reached the highest since October 1998 in May 2022 at 73.5 percent. The upward pressure was attributed largely to rising energy prices amid the war in Ukraine.
5. Zimbabwe | Zimbabwe ranks fifth with inflation of 131.7 percent in May 2022. It is the highest since May 2021.
4. Syria | The country with the fourth-highest inflation in the world is Syria with an inflation rate of 139.0 percent in January 2022.
3. Lebanon | Lebanon has the third-highest inflation in the world. The country’s inflation was at 206.24 percent in April 2022.
2. Sudan | With the second-highest inflation in the world, Sudan’s inflation in April 2022 stood at 220.70 percent.
1. Venezuela | Venezuela has the highest inflation in the world with April inflation being at 222.30 percent. The country’s dependence on petroleum incomes left the country particularly vulnerable to fluctuations in oil prices during the 1980s and 1990s.