MOSCOW, February 7 At the end of 2023, Argentina topped the ranking of countries with the highest annual inflation, overtaking the long-time world leader — Venezuela, as follows from calculations.
Argentina, against the background of the devaluation of the national currency in December, faced a sharp jump in prices — inflation accelerated to 211% from 161% in November and from 95% a year earlier. Lebanon is in second place, where the rate of price growth over the year increased by 70 percentage points — up to 192%. The top three is completed by Venezuela, where inflation slowed to 190% from 234% a year earlier. The top five also includes Turkey (65%) and Sierra Leone (52%).
Inflation was above 30% at the end of the year in Iran (40%), Malawi (35%), Egypt (34%), Suriname (33%) and Cuba (31%), and above 20% in eight more countries. including Pakistan, Nigeria, Ethiopia, Zimbabwe.
The maximum inflation values in Europe at the end of the year were in Iceland (7.7%), and the lowest in Italy (0.7%). In the Middle East, Lebanon became the leader in price growth, while the most modest rate of price growth was in Oman (0.5%). Among Asian countries, prices increased the most over the year in Pakistan, and the least in Georgia (0.4%).
Half of the world's countries in December recorded annual price growth rates above 4.2%, this includes Russia with an indicator of 7.4% versus 11.9% a year earlier, occupying 35th place. Its neighbors in the ranking are Serbia (7.6%) and Kyrgyzstan (7.3%).
In 130 countries, inflation slowed last year, the most in Zimbabwe — by 217 percentage points, but this slowdown is explained by a change in the calculation methodology in the country. At the same time, in 20 countries the rate of price growth accelerated, most strongly in Argentina.
The study was conducted based on data from national statistical services of 193 countries that are members of the UN. The final sample included 151 countries that, as of early February, had disclosed data for December 2023.