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Einar H. Dyvik
Research expert covering Nordics and global data for society, economy, and politics
Get in touch with us nowThe rising inflation worldwide in 2022 and 2023 is reflected in the increasing prices of the different commodity groups in the G7 countries. Most notably, the price of restaurants and hotels was high in the first quarter of 2024, with price increases reaching seven percent in Japan compared to the same period in 2022. On the other hand, gas and electricity prices started to stabilize in 2023, reflected in negative gas and electricity inflation rates in Germany, Italy, the UK, and Japan following extremely high rates in 2022 and the first half of 2023. Inflation rates increased sharply all around the world through 2022 and the beginning of 2023, spurred by Russia's invasion of Ukraine in February that year.
As food and restaurant costs have risen in Japan in comparison to the rest of the G7 nations, overall, Japan is facing a period of economic slowdown. Over time, the value of the Japanese yen has dropped, going from around 105 JPY per one U.S. dollar in September 2020 to 158 JPY per one U.S. dollar in July 2024. Within the same timeframe, the Japanese GDP has also dropped, going from around five trillion U.S. dollars in 2020 to 4.1 trillion U.S. dollars by 2024. However, it is predicted to begin increasing by 2025.
Due to the COVID-19 pandemic and the energy crisis driven by the February 2022 invasion of Russia into Ukraine, electricity prices increased worldwide through 2021 and 2022. As of 2024, inflation of electricity costs is decreasing across the G7, more than other commodity groups. This rise and fall can be seen throughout Europe as well as within the United States, after peaking in 2022.
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Inflation worldwide
Country comparison
Inflation rates in selected countries
Consumer Price Index and forecasts
Industry comparison
Perception of inflation
Other price indices
* For commercial use only
Basic Account
Starter Account
The statistic on this page is a Premium Statistic and is included in this account.
Professional Account
1 All prices do not include sales tax. The account requires an annual contract and will renew after one year to the regular list price.