Think Inflation Is Bad in the US? See What Other Countries are Dealing With

A map of global inflation shows inflation is under better control in the U.S. than in most large economies

A woman works at the Buenos Aires Central Market on March 16, 2023 in Buenos Aires Province, Argentina. Official inflation rate hits 102.5% in the last twelve months and it is the worst register since 1991. Inflation, along with corruption and poverty, is one of the main concerns of the Argentinians who will be heading to polls in October to vote for president.

Tomas Cuesta / Getty Images

The U.S. isn't the only country contending with increasing prices that are squeezing household budgets—countries around the world are also grappling with inflation, and in most cases it’s worse.

The Federal Reserve raised its benchmark interest rate again Wednesday, the latest move in its year-long effort to tame consumer price increases running at 6% a year as of the latest data. Other central banks around the world are facing similar problems. On Tuesday, inflation in the U.K. came in hotter than economists had anticipated, rising to a 10.4% annual reading in February from 10.1% in January, the British government said Wednesday. 

The map below shows the inflation rates in most of the world’s biggest economies, those of the G20.

Britain’s high inflation puts more pressure on the Bank of England to raise its benchmark interest rate at its next meeting on Thursday, economists said—a reminder of the global nature of the cost-of-living pressure. Central banks in advanced economies around the world, similar to the Fed, are expected to continue to raise interest despite mounting recession risks, economists at J.P. Morgan said in a commentary. 

UPDATE, 3/23/23: The second paragraph of this story has been updated to include the Fed's latest rate hike.

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  1. CME Group. "FedWatch Tool."

  2. U.K. Office of National Statistics. "Consumer price inflation, UK: February 2023."

  3. Wells Fargo. "Bank of England & Swiss National Bank Both Set to Hike."

  4. ING. "Bank of England set for 25bp hike barring further turmoil."

  5. J.P. Morgan. "What’s the Impact of Slowing Interest Rate Hikes?"

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