Top 10 countries in the world with the worst inflation rate 2022: inflation is an economic term that describes the rate at which the general prices of goods and services rise in a given country. It is a key index to measure the stability and growth of a country’s economic activities. In this post, you’ll learn about the top 10 countries with the worst inflation rate in 2022, according to the date released by the World Bank.
One of the serious consequences of inflation is that the country’s currency will lose value. What do you know about the values of inflation? Well, just a quick reminder: a small amount of inflation typifies a growing economy. On the other hand, an excessive rise in the prices of goods and services indicates excess inflation and is a pointer to a bad economy. This article will tell you the top 10 countries in the world with the worst inflation in 2022, according to World Bank.
As inflation continues to dominate the global economy partly due to the ongoing Russian-Ukraine War, inflationary pressures have increased in the Q2 of 2022.
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According to the list published by the World Bank, six out of the top 10 countries with the highest inflation rate are African countries. Sudan leads the pack with an inflation rate of 382.82%. Unsurprisingly, Nigeria ranks 8th on the list with an inflation rate of 16.95%.
Continue reading the post as we reveal the top 10 countries in the world with the worst inflation in 2022.
Top 10 Countries with the Worst Inflation Rate 2022.
Sudan has the highest inflation rate in the world in 2022, according to World Bank. In 2021, Sudan’s inflation rate rose to 382.62%.
However, this rate dropped to 263.2% in March 2022. Recent data reports that the rate further dropped to 220.7%.
With an inflation rate of 154.76%, Lebanon has the second worst inflation rate in the world.
In April 2022, Lebanon’s inflation stood at 206.24% but further decreased to 211.43% in May of the same year.
Zimbabwe’s inflation rate dramatically dropped from 557.2% in 2021 to 98.53% in 2022.
According to World Bank, Zimbabwe has an inflation rate of 98.55%, the third-worst inflation rate in the world.
The North-eastern South American country has an inflation rate of 59.11% in 2021 against 34.89% it recorded in 2022.
Ethiopia has one of the highest inflation rates in the world and in Africa. According to our source, Ethiopia’s annual inflation rate peaked at 26.83% in 2021 from the 20.36% it recorded the previous year.
The annual inflation rate in Ethiopia eased for the first time in four months to 34% in June 2022, according to recent data. In the previous month, the inflation rate was 37.7%.
Zambia recorded an inflation rate of 22.02% in 2021, a significant increase compared to the 15.73% recorded in the previous year. The country is a southern African country, landlocked with diverse wildlife and many parks and safari areas.
In addition, the annual inflation rate in Zambia decreased for the 11th straight month to 9.7%.
Turkey has the 7th worst inflation rate in the world, according to the World Bank, with an inflation rate of 19.59% in 2020, Turkey’s inflation rate peaked at 12.28%.
In June 2022, Turkey experienced an accelerated inflation rate for the 13th consecutive month, the highest since September 1998. During this time, the inflation rate rose to 78.62%.
Turkey, also known as the Republic of Türkiye is a transcontinental country located in South-eastern Europe and Southwestern Asia bordering the Black Sea.
It is not surprising that Nigeria appears in the top 10 countries with the worst inflation. The country has experienced a serious economic downturn in recent years. The security challenges in the different parts of the country further worsen the situation.
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Nigeria’s inflation rate increased to 16.95% in 2021, from 13.25% recorded in the previous year. Nigeria is the most populous country on the African continent and one of the largest economies in Africa.
Nigeria’s inflation rate accelerated to 17.71% in May 2022 from 16.82% recorded in the previous month.
With an inflation rate of 16.84%, Haiti has one of the worst inflation rates in the world. This rate indicates a significant decline from the 22.79% it recorded in 2020.
However, Haiti’s inflation rate climbed further in February 2022 to 25.17%, from 23.95% recorded in January.
Guinea completes our list of the top 10 worst inflation rates in the world, according to World Bank.
Guinea’s inflation rate accelerated to 12.59% in 2021 against the 10.6% it recorded in the preceding year. This represents the highest inflation rate recorded by the country since 2012 when the inflation rate peaked at 15.2%
However, the country’s inflation rate dropped to 10.99% in April 2022, according to the recent days released.
From the list above, African countries have the worst inflation in the world, with six in the top 10 list coming from the region.
Inflation continues to dominate the global economy partly due to the ongoing Russian-Ukraine War that has sent inflationary pressures have increased in the Q2 of 2022.