Inflation worldwide statistics and facts

Inflation worldwide from 2019 to 2027

Global inflation is expected to average about 4.7 percent in 2026, up from 4.1 percent in 2025, an unexpected pause in the decline from the 2022 peak of about 8.7 percent, driven by higher energy and food prices.

Inflation, the rate at which prices rise, touches every household and business, and its path since the pandemic has been one of the defining economic stories of the decade.

On IMF figures, global inflation fell from about 8.7 percent in 2022 to 6.8 percent in 2023, 5.7 percent in 2024 and 4.1 percent in 2025, before an expected rise to about 4.7 percent in 2026.

Few economic forces are watched as closely as inflation, which shapes interest rates, wages, savings and the cost of everyday life for billions of people. This overview traces inflation worldwide year by year from 2019 to 2027, across the world as a whole and for advanced and emerging economies, alongside the drivers, interest rates and the outlook.

The world entered 2026 hoping inflation would keep falling toward the low and stable rates seen before the pandemic, only to see it tick up again on energy and food.

The 2026 rise interrupts a steady fall in prices, as our global inflation and global economy coverage tracks, with the increase concentrated in energy, food and the effects of conflict in the Middle East.

World, advanced and emerging: global inflation peaked at about 8.7 percent in 2022 and is projected at about 4.7 percent in 2026, far higher in emerging economies than advanced ones.

Central banks had begun cutting rates as inflation eased, but the 2026 pickup has slowed that process, a shift our interest rates and central banks coverage follows closely.

A note on the data. The figures show the global inflation rate from 2019 to 2027, as annual percent change in consumer prices, based on IMF data. The 2026 and 2027 values are projections, and world, advanced and emerging aggregates are shown.

The IMF publishes inflation estimates and projections for the world and for individual economies in its World Economic Outlook, updated through the year, which forms the basis for these figures.

Consumer price inflation measures the change in the cost of a basket of goods and services bought by households, and is the most widely used gauge of the cost of living.

Global Inflation Rate by Year

The table sets out global inflation and the advanced and emerging economy rates from 2019 to 2027. It shows the 2022 surge, the steady decline through 2025, and the renewed rise projected for 2026.

When Did Inflation Peak?

Global inflation peaked at about 8.7 percent in 2022, the highest in decades, before falling to 6.8 percent in 2023, 5.7 percent in 2024 and 4.1 percent in 2025. In 2026 it is projected to rise again to about 4.7 percent.

The rise and fall of inflation since 2020, from low single digits to a decades-high peak and back down, has reshaped monetary policy across the world. Inflation ran at about 3.2 percent in 2020 and 4.7 percent in 2021 before surging to 8.7 percent in 2022, then easing to 4.1 percent by 2025 and rising again in 2026.

The scale of the 2022 surge, the fastest in a generation, forced the sharpest round of interest rate rises in decades as central banks fought to bring prices under control.

The journey from the 2022 peak to the 2026 pause is the clearest measure of how far the world has come in taming prices, and how much work remains before inflation returns to target.

The 2022 surge was driven by pandemic supply shocks and the energy crisis after the invasion of Ukraine, a shock felt most sharply in Europe, as our inflation in Europe coverage details, before prices slowly came back down.

A peak and a pause: global inflation fell steadily from its 2022 peak of about 8.7 percent to 4.1 percent in 2025, before an expected rise to about 4.7 percent in 2026.

The renewed rise in 2026 is smaller and different in cause, driven mainly by higher energy and food prices linked to conflict in the Middle East, rather than the broad-based price pressures that defined the 2022 peak.

The difference between the broad-based surge of 2022 and the narrower, energy-led rise of 2026 matters, because it shapes how central banks respond and how quickly inflation is likely to fade.

Why Is Inflation Higher in Emerging Economies?

Inflation is far higher in emerging and developing economies than in advanced ones. In 2026, advanced economies face about 2.6 percent inflation, while emerging and developing economies face about 5.9 percent, more than double the rate.

The wide gap between advanced and emerging economy inflation is one of the most persistent features of the global price picture, reflecting deep differences in currencies and spending. Advanced economy inflation is projected at about 2.6 percent in 2026 against 5.9 percent for emerging and developing economies, after both peaked far higher in 2022.

The persistence of higher inflation in emerging economies, even as advanced ones stabilise, is one of the defining features of the post-pandemic price picture and a challenge for their central banks. For many emerging economies, the fight against inflation is made harder by weaker institutions and currencies, which is why their rates remain stubbornly above those of the advanced world.

The gap reflects weaker currencies, higher food and energy shares in spending, and less firmly anchored expectations in poorer countries, a divide our GDP per capita coverage frames through the wide differences in incomes.

A persistent gap: emerging and developing economies face about 5.9 percent inflation in 2026, more than double the roughly 2.6 percent in advanced economies.

Advanced economy inflation has returned close to the 2 percent target that most central banks aim for, while many emerging economies still face rates well above target, forcing them to keep monetary policy tighter for longer.

The need to keep policy tighter for longer in many emerging economies weighs on their growth, even as advanced economies begin to ease, widening the divide between the two groups.

What Is Inflation by Country in 2026?

Among major economies in 2026, inflation ranges from about 1 percent in China to above 4 percent in India and Brazil. The United States sits at about 3 percent, the euro area at about 2.6 percent, and the United Kingdom at about 2.8 percent.

The spread of inflation across the major economies, from near-deflation in China to mid-single digits in India and Brazil, shows how uneven the global price picture has become.

In 2026, inflation is estimated at about 3 percent in the United States, 2.6 percent in the euro area, 2.8 percent in the United Kingdom, 1 percent in China, and above 4 percent in India and Brazil.

The wide spread of inflation across the major economies, from near-deflation in China to mid-single digits in India and Brazil, underlines how differently the same global forces play out from one country to the next.

China stands out for very low inflation, close to deflation, while the largest economies mostly sit near or slightly above target, a spread our largest economies and inflation in the UK coverage sets in context.

From China to Brazil: inflation in 2026 ranges from about 1 percent in China to above 4 percent in India and Brazil, with the US near 3 percent.

The United States has seen inflation prove stickier than expected, partly because of the effect of higher tariffs feeding into prices, keeping the rate near 3 percent rather than returning to the 2 percent target.

The stickiness of US inflation, held up in part by tariffs, has been one of the surprises of 2026, complicating the Federal Reserve path back to its target.

What Is Driving Inflation in 2026?

The 2026 rise in global inflation is driven mainly by energy and food. Underlying core inflation, covering services and other prices, accounts for most of the rate, with energy and food adding the increase that pushed the total back up.

Understanding what drives inflation, from energy and food to underlying services prices, is central to judging where it goes next and how central banks should respond. Core inflation, which strips out volatile food and energy prices, accounted for most of the 2026 rate, with food and energy adding the increase that pushed the headline figure back up.

Separating the lasting, underlying pressure on prices from the temporary swings in food and energy is one of the hardest and most important jobs facing central banks as they set policy.

Higher oil and gas prices, linked to conflict in the Middle East, are the largest single driver, as our gas prices coverage tracks, while the effect of higher US tariffs has added to price pressures in some economies.

Core, food and energy: underlying core inflation accounts for most of the 2026 rate, with food and energy prices adding the increase that pushed the total back up.

Food prices have also risen, hit by weather and higher input costs, adding to the squeeze on households, especially in poorer countries where food makes up a much larger share of everyday spending.

The heavy weight of food and energy in the spending of poorer households means that the 2026 rise falls hardest on those least able to absorb it, deepening inequality within and between countries.

How Do Central Banks Fight Inflation?

Central banks raised interest rates sharply to fight the 2022 inflation surge, then began cutting as prices eased. The 2026 pickup has paused that easing, with rates held higher for longer to keep inflation in check.

The relationship between inflation and interest rates is at the heart of monetary policy, as central banks raise and lower rates to keep prices stable. The US Federal Reserve raised its policy rate from near zero to above 5 percent between 2022 and 2023, then began cutting toward 4 percent by 2026 as inflation eased.

The path of interest rates over the past four years, up sharply then slowly down, has tracked the rise and fall of inflation more closely than almost any other economic variable.

The sharp rise and gradual fall in interest rates since 2022 has been the most visible tool in the fight against inflation, with consequences for mortgages, borrowing and growth worldwide.

Every move by a major central bank is now watched closely by markets and households alike, because the level of interest rates shapes everything from mortgage costs to the value of savings.

The US Federal Reserve raised its policy rate above 5 percent in 2023 before cutting toward 4 percent by 2026, a path our federal funds rate coverage tracks alongside inflation.

Inflation bars, rate line: the US Federal Reserve raised its policy rate above 5 percent to fight the 2022 surge, then began cutting toward 4 percent as inflation eased.

The balance is delicate. Cutting rates too fast risks letting inflation take hold again, while keeping them too high risks slowing growth, a tension our world growth coverage frames as central banks judge their next moves.

The judgement facing central banks, between cutting too soon and holding too long, is among the hardest in economic policy, with large consequences for jobs and growth.

Which Countries Have the Highest Inflation?

Some economies face far higher inflation. Argentina and Turkey have seen rates of 30 to 40 percent or more in 2026, though both are falling from earlier peaks, while Nigeria, Egypt and others also face double-digit inflation.

The economies with the highest inflation offer a stark reminder of how damaging runaway prices can be, eroding savings and living standards over years. Argentina and Turkey have faced the highest inflation among large economies in 2026, at rates of 30 to 40 percent or more, though both have fallen sharply from earlier peaks.

The contrast between economies with inflation near 2 percent and those facing 30 or 40 percent is a reminder that the global average hides enormous differences in the experience of ordinary households.

These very high rates reflect weak currencies, large deficits and, in some cases, years of loose monetary policy, which erode the value of savings and wages and make everyday life far harder for ordinary households.

Runaway prices: Argentina and Turkey have faced inflation of 30 to 40 percent or more in 2026, though both are falling, with several other economies in double digits.

Even where inflation is falling, as in Argentina, the cumulative rise in prices over several years has been enormous, leaving a lasting mark on living standards long after the headline rate begins to come down.

The lasting damage of very high inflation, even after it falls, is a reminder that price stability is far easier to keep than to restore once it has been lost.

How Does Inflation Vary by Region?

Inflation varies widely by region in 2026. Advanced economies sit near 2.6 percent, emerging Asia near 3 percent, Latin America near 5 percent, and parts of Africa and the Middle East face double-digit rates.

The regional pattern of inflation, from near-target rates in advanced economies to double digits in parts of Africa and the Middle East, mirrors the wider divide in the global economy. No single figure captures global inflation, which ranges from near zero in parts of Asia to well over 30 percent in the hardest-hit emerging economies.

The regional divide in inflation, from near-target advanced economies to double-digit rates in parts of Africa and the Middle East, closely mirrors the wider gaps in incomes and economic stability across the world.

Europe has largely brought inflation back to target after the energy crisis, as our inflation in France coverage shows, though the pace of the return has varied from one country to the next.

How regions compare: advanced economies sit near target, emerging Asia a little higher, and parts of Africa and the Middle East face double-digit inflation, on an indexed scale.

Southern European economies such as Spain moved early to bring inflation down, as our inflation in Spain coverage details, while some emerging regions still face far higher and more volatile rates. The persistence of high inflation in some emerging regions, even as advanced economies stabilise, is likely to keep the global picture uneven for some time yet.

Why Does the Cost of Living Still Feel High?

Even as inflation slows, prices remain far higher than before the pandemic. Global consumer prices have risen more than 40 percent since 2019, meaning the cost of living is permanently higher even when the annual rate of increase falls.

The gap between slowing inflation and permanently higher prices explains much of the public frustration with the cost of living, even as the headline rate falls. Global consumer prices have risen more than 40 percent since 2019, so even as the annual inflation rate falls, the level of prices remains permanently far higher than before the pandemic.

The distinction between inflation, the rate of change, and the price level, how high prices actually are, is central to understanding why households still feel the squeeze.

The lasting rise in the price level, even as inflation slows, is why so many households feel little relief, since a lower rate of increase still leaves prices far above where they were before the pandemic.

This gap between slowing inflation and high price levels explains why households still feel squeezed, as our cost of living and US inflation coverage tracks, even as headline rates come down.

Prices stay high: global consumer prices have risen more than 40 percent since 2019, so the cost of living stays permanently higher even as the annual rate falls.

Wages have caught up in some economies but not others, and where pay has lagged behind prices, real incomes have fallen, leaving many households worse off despite the fall in the headline inflation rate.

Whether wages keep pace with prices is now the central question for living standards, with the answer varying widely from one economy and one household to the next.

Will Inflation Come Back Down?

Global inflation is projected to ease again after 2026, falling to about 3.9 percent in 2027 and continuing to decline toward 3 percent later in the decade, assuming energy and food prices stabilise. The outlook for inflation, easing but still above target, will shape interest rates, growth and living standards for years to come.

Global inflation is projected to ease from about 4.7 percent in 2026 to 3.9 percent in 2027 and toward 3 percent later in the decade, assuming energy and food prices stabilise. The central forecast is for a gradual return toward target, but the renewed rise in 2026 shows how easily that path can be knocked off course.

The central forecast, a slow return toward target, rests on the assumption that energy and food prices stabilise and that central banks hold their nerve, neither of which is guaranteed given the risks in the Middle East.

The outlook depends heavily on energy prices and the course of conflict in the Middle East, with a prolonged shock able to push inflation higher again, and on whether central banks keep policy tight enough to hold expectations down.

Easing again: global inflation is projected to ease from about 4.7 percent in 2026 to 3.9 percent in 2027 and toward 3 percent later in the decade.

The central expectation is that inflation slowly returns toward target in most advanced economies, while remaining higher in emerging ones, leaving the world with lower but still elevated inflation compared with the pre-pandemic years.

Global Inflation in Numbers

A few figures capture the picture. Global inflation is projected at about 4.7 percent in 2026, up from 4.1 percent in 2025, after peaking at 8.7 percent in 2022. Advanced economies face about 2.6 percent and emerging ones about 5.9 percent.

These figures together capture a world where inflation has fallen sharply from its peak but remains a live concern for households and policymakers alike. These figures matter because inflation is not an abstract number but the force that determines how far wages stretch, how much savings are worth, and how expensive daily life becomes for billions of people.

These figures matter because inflation shapes interest rates, wages and living standards worldwide, a picture our richest countries coverage sets alongside incomes and living standards.

From peak to pause: global inflation fell from its 2022 peak of about 8.7 percent to 4.1 percent in 2025, before rising to about 4.7 percent in 2026 and easing again after.

Together they describe a world where inflation has fallen a long way from its 2022 peak but remains above target, with a renewed rise in 2026 a reminder of how fragile the return to stable prices can be.

For now, inflation stands well below its 2022 peak but above the target most central banks aim for, with the 2026 rise a reminder of how hard the last stretch can be.

Inflation Worldwide: The Big Picture

Taken together, inflation worldwide in 2026 tells a story of progress interrupted, with prices far more stable than in 2022 but rising again on energy and food, and still above the levels most central banks aim for.

The lesson of the past few years is that inflation, once let loose, is slow and costly to bring back down, and that the last stretch toward target is often the hardest of all.

Bubble size shows GDP: most large economies cluster at low inflation and modest growth, while Turkey sits far out on high inflation. Position shows inflation against growth.

Whether inflation resumes its fall will depend on energy prices, conflict and the resolve of central banks, but for now the world faces lower but still elevated inflation, and a cost of living that remains permanently higher than before the pandemic.

Frequently Asked Questions: Global Inflation