The US, where prices jumped 8.5% on the year in March, is not the only country struggling with inflation.
Consumers around the world are paying much higher prices for basics like shelter, food, and gasoline as Russia’s Ukraine invasion further snarls supply chains and cuts off access to oil and food exports. After a pandemic-related wave of higher prices, the conflict is now pushing global inflation past 6%.
China and India may need to switch to cheaper cooking oil, whose prices have surged 70% in some cases. In Senegal, Muslims are breaking their Ramadan fast with fish instead of meat, which has become unaffordable for many, and Mexico is trying to coordinate with the US on reducing food prices. Gasoline prices, meanwhile, have shot up past $10 a gallon in Hong Kong, and the International Energy Agency is warning of a global energy crisis.
Higher prices are leading to political turmoil, from growing support for anti-immigrant populist parties to worker protests in Europe. In the US, inflation is hitting hardest in politically divided areas where midterm elections will likely be the most contentious.
Here’s a breakdown of inflation rates in nearly every G20 country. (Data are for March unless otherwise indicated. Each country’s CPI is weighted differently, so these aren’t exact apples-to-apples comparisons.)
Inflation around the world
🇦🇷 Argentina (Feb): 52.3%
🇧🇷 Brazil: 11.3%
🇨🇦 Canada (Feb): 5.7%
🇨🇳 China: 1.5%
🇫🇷 France: 5.1%
🇩🇪 Germany: 7.6%
🇮🇳 India: 6.95%
🇮🇩 Indonesia: 2.64%
🇮🇹 Italy: 7%
🇯🇵 Japan (Feb): 0.6%
🇰🇷 South Korea: 4.1%
🇲🇽 Mexico: 7.45%
🇷🇺 Russia: 16.7% (although, it might be as high as 200%)
🇸🇦 Saudi Arabia (Feb): 1.6%
🇿🇦 South Africa (Feb): 5.7%
🇹🇷 Turkey: 61.14%
🇬🇧 UK: 7%
🇺🇸 US: 8.5%
🇪🇺 Euro zone: 7.5%