In this article, we will take a look at 5 countries with the highest inflation in the world. If you want to check out our detailed analysis of global inflation trends, you can go to 25 Countries With the Highest Inflation in the World.
5. Argentina
Inflation Rate (2023): 133.5%
Inflation in Argentina has been on the rise since 2020, reaching 249.8% in 2024. Historically, excessively high inflation rates have been a part of the Argentinian economy for several decades. Economists attribute this crisis to several reasons, including excessive government spending and money printing.
4. Sudan
Inflation Rate (2023): 171.5%
Inflation in Sudan has remained above 100% since 2020, making it one of the countries with the highest inflation around the globe. Some of the biggest reasons behind this high price hike is the excessive printing of money and food shortages.
3. Lebanon
Inflation Rate (2023): 221.3%
Lebanon ranks third on our list of countries with the highest inflation in the world. Inflation rate increased to more than 100% in 2021, and has stayed there since. One of the biggest reasons behind the rising inflation was the country’s high number of imports, including staples like wheat. Most of Lebanon’s wheat supply came from Russia and Ukraine, where the war led to massive supply disruptions.
2. Venezuela
Inflation Rate (2023): 337.5%
Venezuela’s hyperinflation crisis began in 2016 due to excessive money printing as a means of combatting fiscal issues. However, this caused inflation to rise drastically, reaching 65,000% in 2018. Additionally, the Venezuelan economy has been weakened by several years of budget deficits and decreasing oil prices, on which the country is heavily dependent.
1. Zimbabwe
Inflation Rate (2023): 667.4%
Zimbabwe ranks number one on our list of countries with the highest inflation in the world. The inflation rate did decrease to 561% in 2024; however, according to IMF predictions, it is still expected to stay above 400% until 2029. The country has been heavily sanctioned by the US, the European Union, and the IMF, which is considered to be one of the reasons behind its hyperinflation.
A weak exchange rate has also contributed to price hikes. In April 2024, the country launched a new gold-back currency known as ZiG, which it hopes will be able to fight decades of high inflation. Currently, around 85% of transactions in the country are conducted through the US dollar, which continues to be a trustworthy currency for most.
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