5 Countries with the Highest Inflation Rates

4. Argentine Republic

Latest Annualized Inflation Reading: 98.8%

The Argentine Republic, commonly known as Argentina, is the second largest country in South America with a $1.2 trillion GDP. While inflation is coming down in some countries, for Argentina, it went up in January 2023 as prices shot up by a painful and shocking 98.8% at a time when the central bank hiked the policy rate to an unbelievable 75%. The reading came after 2022 ended with 95% inflation, and some believe that the worst might not be over as inflation can soar to 99.9% in 2023.