In this piece, we will take a look at the five countries with the highest inflation rates. For more countries, head on over to 15 Countries with the Highest Inflation Rates.
5. Republic of Zimbabwe
Latest Annualized Inflation Reading: 92.3%
The Republic of Zimbabwe is a South African landlocked country that has been beset by economic and political crises for most part of the last couple of decades. Inflation in Zimbabwe currently sits at 92.3%, and according to the IMF, the country will lead the world in inflation in 2023 which is projected to sit at a whopping 204.6% this year. The February reading of 92.3% marked a decrease from January’s 101.5%, and Zimbabwe has changed its inflation measuring method by now adopting a mix of prices in both the U.S. dollar and the Zimbabwean dollar.
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.
3. Republic of Lebanon
Latest Annualized Inflation Reading: 124%
The Republic of Lebanon is a Western Asian country that has been beset with one economic crisis after another. Lebanese inflation soared to 124% in January 2023 and its central bank was forced to devalue its currency by a stunning 90% in February 2023 – leading supermarkets to list the prices of items in U.S. dollars instead.
2. Syrian Arab Republic
Latest Annualized Inflation Reading: 139%
The Syrian Arab Republic is a Western Asian country whose GDP was last recorded to be worth $136 billion in 2021 in purchasing power parity terms. The country devalued its currency by 50% in January 2023 to a rate that was still significantly below the black market rate for the U.S. dollar. Syria’s inflation reading of 139% was last made in 2020.
1. Bolivarian Republic of Venezuela
Latest Annualized Inflation Reading: 440%
The Bolivarian Republic of Venezuela, or simply Venezuela, is a South American country with a $191 billion economy. Inflation data for the country is hard to come by, especially since its central bank has not published any estimates since October last year. The 440% inflation rate comes courtesy of the Venezuelan Economic Finance Observatory, an independent body of economists who released the latest annualized data in February 2023. The Venezuelan minimum wage was equal to $6.50 per month in January 2023, and its exchange rate crisis is often blamed for the devastating rise in prices that have plagued the country for years.
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