That inflation rates have risen worldwide .....
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| Predicted World Inflation Rates 2022 |
...... under the twin pressures of the post Covid recovery, and the oil/food price rises due to Russia invading the Ukraine, is now obvious to us all. In the USA its dropped to 5%, 8.6% in the EU, but in the UK is still 10% .... however all the major countries expect it to drop steadily in the summer .... but in some parts of the world this sudden rise is not a recent phenomena, but is a persistent issue.
For example, Iran has an inflation rate under the Mullahs of 56%, and their incompetence/corruption for a couple of decades is a large part of their problems. Sri Lanka's issues of mismanagement have been apparent for a decade and have resulted in an inflation rate of 53.6%
Argentina is struggling with 102.5% inflation and a weak currency, as well as global food and energy price rises. The IMF had agreed a $44bn debt relief deal with Argentina, but with the erratic populist former president Cristina Fernández de Kirchner urging laxer fiscal rigour and increasing the level of state intervention in the economy, the IMF may not be happy but has approved another loan.
Turkey under it's economic genius President Erdogan, was suffering at least 73.5% inflation, but its hoped to fall to around 42.5% in 2023 as he thinks that interest rate rises don't curb inflation, so has banned the national bank from employing them.
After that example of economic mismanagement we have a stratospheric leap to civil war riven Syria, which has had inflation recorded at 139% in 2022, while dictator led Venezuela has inflation levels at 195% (but in truth some have said year on year it was over 300%). Then we head into the three worst basket cases. Zimbabwe was at 285% (but has recently fallen to 87.6%), Sudan also at 192%, (but before the latest civil war it had fallen to 82%), and finally the Lebanon had an eye watering 211% inflation rate in 2022 (which has now levelled at 189.67%).
What marks all these nations out is rampant corruption, economic incompetence and political interference in the economy. For comparison the USA, the EU and the UK inflation rates are all driven by the oil and gas price rises, which are external factors.
Inflation is truly the scourge of nations, that no amount of military might can defeat, but as usual China, with annual inflation of just 2.1% appears to be doing just fine ....
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