Annual change in CPI 2015-2023, by country

In 2022 and through 2023, the world saw inflation rates increase amid, among other, post-COVID-19 effects and the Russia-Ukraine war. Argentina and Turkey were both plagued by hyperinflation at over 130 and 50 percent in 2023, respectively. Except for these, the United Kingdom had the highest inflation rate at nearly seven percent. On the other hand, China had the lowest rate of the countries included here at 0.2 percent.

Argentinian inflation crisis

During the 2020’s, Argentina has been struck by extreme levels of inflation, which has severely impacted the livelihoods of Argentinians. Specifically, the costs of goods have presented numerous challenges to Argentinian consumers. In Argentina, a basic food basket that cost around 26,000 Argentinian pesos cost over 100,000 Argentinian pesos by February 2024. Similarly, a basic consumer goods basket that cost around 57,000 Argentinian pesos in February 2023 rose to over 220,000 Argentinian pesos by February 2024. While these rising costs have been challenging for consumers, Argentina’s inflation rate is expected to decrease beginning in 2024 and is estimated to reach 8.9% by 2029.  

British recession

Besides the outliers of Argentina and Turkey, the United Kingdom had a comparatively high CPI rate. As of 2024, the British economy has entered a recession, the only G7 country to do so. As a general election will be held in July 2024, British voters indicate health, citing lack of financial support and staff shortages, as well as the economy as the most important issues to them.