By Zubin Eimen
When the U.S annualized inflation rate hit 9.1% this June, newspaper headlines screamed “crisis.” No doubt, such inflation numbers pose a serious challenge to U.S President Joe Biden and a continuing challenge to the American consumer who has not seen such price rises in four decades.
The U.S, however, is not alone. Europe is also experiencing similar inflation numbers, as are many countries across the developing and emerging world. In fact, the general increase in the prices of goods and services – the basic definition of inflation – has become a global phenomenon, generating a great deal of uncertainty and instability.
From supply-chain issues in the wake of strong consumer demand, to worker shortages, to financial instabilities from the Russia invasion of Ukraine, a wide range of factors have been pushing prices upward.
For some countries, particularly in the developing world, inflation has hit truly crisis proportions.
Here are the current Top Ten highest inflation rates by nation, with the most up-to-date figures available (measured on an annual basis).
|Sri Lanka||55 %|