Inflation around the globe

By now, you’re probably sick of hearing about (and experiencing) rising consumer prices in the US – but it may comfort you to know we’re not alone. According to new government figures published yesterday, the UK saw its highest annual inflation in more than four decades last month (+10.1%).

And it’s not just the US and UK, either – nations around the world are battling rising prices.

🌍 A deeper dive… Inflation across the eurozone (countries that use the euro) reached 8.9% last month, an all-time high dating back to when the currency first launched in 1999. Among OECD countries, 38 of the most highly-developed nations in the world, annual inflation in June reached its highest level since 1988.

• In Lebanon, the price of a loaf of bread has more than doubled since March, while food and fuel prices have roughly tripled in Sudan over that same period.
• Venezuela is currently experiencing the highest inflation rate in the world, at +222% year-over-year as of April, per data from CNBC. That may seem high – but it comes on the heels of 686% annual inflation the previous year, and 2,960% annual inflation in 2020.

🙅‍♀️📈 On the flip side: Only a handful of developed countries have remained relatively unaffected by inflation so far this year, including Japan (+2.4% annual rate last month), China (+2.7%), and Saudi Arabia (+2.7%).

📝 Bottom line: Inflation was the number one concern among all global citizens for the fourth straight month in July, per Ipsos’ What Worries the World index.