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Inflation round-up

For the first time in many months our table of high-inflation countries has shrunk significantly. There are 14 fewer nations suffering double-digit inflation this time (see table below) compared with our last inflation round-up in March. Furthermore, with numerous countries on the list seeing their trends change from 'rising' to 'falling', and only two newcomers (Guinea-Bissau and Zambia), there is every reason to believe considerable further shrinkage will be seen next time around. 

Not surprisingly, several ever-present countries, all of which have huge domestic issues to contend with, bucked the global downward trend. Price rises in Argentina, Cuba, Myanmar, Pakistan, Sierra Leone and Surinam, among others, continued to accelerate, while both Lebanon and Venezuela saw huge jumps in their annual inflation, largely due to recent big currency losses.

Global Mobility teams managing expatriate staff pay in these countries are used to the frequent challenges they present. Hopefully, however, such difficulties are beginning to ease in numerous other locations as inflation recedes. If you could benefit from our long-standing expertise on all aspects of international mobility, do please get in touch.

High-inflation countries (annual CPI 10%+)

Country CPI % Data month Trend IMF 2023 forecast %
Angola 10.6 Apr-23 ▼ Falling 11.7
Argentina 108.8 Apr-23 ▲ Rising 98.6
Azerbaijan 13.5 Apr-23 ▼ Falling 11.3
Bosnia 10.3 Mar-23 ▼ Falling 6.0
Bulgaria 11.6 Apr-23 ▼ Falling 7.5
Burundi 32.6 Mar-23 ▲ Rising 16.0
Colombia 12.8 Apr-23 ► Steady 10.9
Comoros 20.9 Dec-22 ▲ Rising 8.1
Congo DR 18.2 Feb-23 ▲ Rising 10.8
Cuba 46.4 Mar-23 ▲ Rising n/a
Czech Republic 12.7 Apr-23 ▼ Falling 11.8
Egypt 30.6 Apr-23 ► Steady 21.6
Estonia 13.5 Apr-23 ▼ Falling 9.7
Ethiopia 33.5 Apr-23 ► Steady 31.4
Gambia 17.4 Apr-23 ▲ Rising 11.3
Ghana 41.2 Apr-23 ▼ Falling 45.4
Guinea-Bissau 10.2 Mar-23 ▲ Rising 5.0
Haiti 48.2 Feb-23 ► Steady 44.5
Hungary 24.0 Apr-23 ► Steady 17.7
Iran 53.4 Feb-23 ► Steady 42.5
Kazakhstan 16.8 Apr-23 ▼ Falling 14.8
Kyrgyzstan 10.7 Apr-23 ▼ Falling 11.3
Laos 39.9 Apr-23 ► Steady 15.1
Latvia 15.1 Apr-23 ▼ Falling 9.7
Lebanon 268.8 Apr-23 ▲ Rising n/a
Lithuania 14.5 Apr-23 ▼ Falling 10.5
Madagascar 12.4 Mar-23 ▲ Rising 9.5
Malawi 28.8 Apr-23 ► Steady 24.7
Moldova 18.1 Apr-23 ▼ Falling 13.8
Mongolia 11.3 Apr-23 ▼ Falling 11.2
Myanmar 19.6 Jul-22 ▲ Rising 14.2
Nicaragua 11.1 Feb-23 ► Steady 8.5
Nigeria 22.2 Apr-23 ► Steady 20.1
North Macedonia 13.0 Apr-23 ▼ Falling 9.2
Pakistan 36.4 Apr-23 ▲ Rising 27.1
Poland 14.7 Apr-23 ▼ Falling 11.9
Romania 11.2 Apr-23 ▼ Falling 10.5
Rwanda 28.4 Apr-23 ► Steady 8.2
Serbia 15.1 Apr-23 ► Steady 12.2
Sierra Leone 41.5 Mar-23 ▲ Rising 37.8
Slovakia 13..8 Apr-23 ▼ Falling 9.5
Sri Lanka 35.3 Apr-23 ▼ Falling 28.5
Sudan 63.3 Feb-23 ▼ Falling 71.6
Surinam 59.4 Mar-23 ▲ Rising 42.7
Sweden 10.5 Apr-23 ▼ Falling 6.8
Tunisia 10.1 Apr-23 ► Steady 10.9
Turkey 43.7 Apr-23 ▼ Falling 50.6
Turkmenistan 17.5 Dec-22 ▲ Rising 6.7
Ukraine 17.9 Apr-23 ▼ Falling 21.1
United Kingdom 10.1 Mar-23 ► Steady 6.8
Uzbekistan 11.0 Apr-23 ► Steady 11.8
Venezuela 436.3 Apr-23 ▲ Rising 400.0
Zambia 10.2 Apr-23 ▲ Rising 8.9
Zimbabwe 75.2 Apr-23 ▼ Falling 172.2
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