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Tuesday, March 21, 2023

Inflation: In these countries, prices are increasing extremely

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High inflation is currently worrying people in many countries around the world. The reasons are varied: wars and political crises are among them. Russia’s attack on Ukraine has also exacerbated the situation. Because since then, among other things, the prices for energy have risen sharply.

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The most recent example of extremely high inflation this week was Argentina: annual inflation in the South American country recently exceeded the 100 percent mark. It was 102.5 percent in February – according to official figures, it is the worst inflation in more than three decades.

Prices rise in the wake of a severe economic crisis. The government is trying to alleviate the greatest need of many people with price limits on some food and hygiene products. Poor people, who have to spend most of their income on everyday needs, suffer most from the sharply rising prices. More than a third of the population in Argentina is considered poor.

Argentina is just one of the extreme examples worldwide of inflation that is putting many people in dire straits. The situation is exceptionally bad in Venezuela, Syria and Lebanon, among other places.

The word inflation has triggered fears in Germany since the 1920s

The word inflation scares people around the world – in Germany, high inflation rates are no longer a theory either, even if the extent of the price increases of currently 8.7 percent is nowhere near that of countries like Argentina, Lebanon, Syria or Venezuela. The Germans experienced hyperinflation in the 1920s, which was marked by great hardship. Families had hardly any income, savers lost their savings.

Experts recently expected prices to relax in Germany. The Munich Ifo Institute published a forecast last Wednesday according to which the inflation rate should level off at a normal level of 2.2 percent in the coming year. Economic researchers see the “peak of inflation” as having been reached. They estimate that inflation will only average 6.2 percent this year.

However, the sober numbers also mean that our prices will remain high for quite a while – which can be felt every day in the supermarket or at the gas station. Our photo series picks out a few countries around the world and lists how high the inflation rates are there. We also show a few examples of low inflation rates.

Sources: , “”, “”, , “” / with material from dpa

Source: Stern

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