World Inflation Rate 2023 List: India Among Countries With Less Than 5% Inflation Rate, Inflation in Pakistan at 38%; Know Where US, Russia, UK and Others Stand
The inflation rate is the percentage increase in the general price level of goods and services over a specific period, usually measured annually. It indicates the rate at which prices are rising and is an important economic indicator used to assess the impact of inflation on the economy.
Mumbai, June 19: Inflation is defined as the gradual rise in prices of goods and services over time, leading to a decrease in the purchasing power of money. Simply put, Inflation is the rate of increase in prices over a given period of time. It is a key economic indicator that affects consumers, businesses, and overall economic stability. The inflation rate is the percentage increase in the general price level of goods and services over a specific period, usually measured annually. It indicates the rate at which prices are rising and is an important economic indicator used to assess the impact of inflation on the economy.
To understand it better, suppose you bought household essentials for Rs. 1,000 or $100 last month. However, this month, the price of a specific food item rose, increasing the total cost to Rs. 1,100 or $110 (Rupee and Dollar reference is given so a wider audience can understand it better). This poses a dilemma of either removing an item from your cart or exceeding your budget, impacting your monthly financial plans, generally called a budget. World of Statistics, an organisation representing statistical data on various subjects, has listed 40 countries with their inflation rate in 2023. Military Strength Ranking 2023: India Among Top 5 Countries With Highest Firepower in the World, Here's Where Pakistan, China and Other Nations Stand on the List.
Inflation Rate 2023:
India Among Countries With Less Than 5% Inflation Rate:
According to the data, India is among the countries with less than 5% of inflation. India's inflation rate for the year 2023 stands at 4.24%, less than Canada's. In May last year, the same rate for India was 7.04%. World Population Forecast For 2100: India to Remain Most Populous Country in World by the End of 21st Century, Here’s How Much Country’s Population Would Be in Year 2100.
Pakistan at 38%:
Pakistan, which is reeling under an economic crisis, is experiencing its highest inflation rate on record since 1957. Pakistan currently has an inflation rate of 38%, the highest in Asia, surpassing Sri Lanka.
Rest of the World:
In 2023, different countries experienced varying levels of inflation. Russia had a relatively low inflation rate of 2.5%, while the USA had a slightly higher rate of 4%. The UK faced a higher inflation rate of 8.7%, impacting consumer purchasing power. In stark contrast, Venezuela encountered hyperinflation, with an alarming inflation rate of 436%. Similarly, Lebanon and Syria faced significant inflationary pressures, with rates of 269% and 139%, respectively. Argentina also experienced high inflation, with a rate of 114%.
To contain inflation, countries often implement monetary policies such as raising interest rates, reducing money supply, and tightening credit conditions. Additionally, fiscal measures like reducing government spending and implementing tax policies may be employed to stabilise prices and control inflationary pressures.
(The above story first appeared on LatestLY on Jun 19, 2023 06:45 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).