World Bank lists Nigeria among countries with worst inflation rate in the world
Inflation is top on the agenda of countries across the world since 2021. However, the war between Ukraine and Russia has made things worse for nearly every country, and that includes Nigeria.
The World Bank recently listed Nigeria amongst the top 10 countries in the world with the worst inflation rate, based on 2021 figures. Nigeria ranked 8th on the list with an annual inflation rate of 16.95%, a list topped by the likes of Sudan, Lebanon, and Zimbabwe.
According to the World Bank, the global inflation rate, measured by the consumer price index rose to 3.42% in 2021. This is from 1.92% recorded in the previous year, hitting its highest level in nine years. Sadly, of the ten countries with the worst inflation rate, six of them are from the African continent.
What is Inflation?
Inflation measures the rate of increase in the price of goods and services in a country at a given point in time. However, the current inflation is not just affecting one country. It appears to be a global phenomenon. The world is currently battling with high commodity prices, leading to unprecedented inflation rates across most economies in the world. And this is largely due to the surge in energy prices, and supply shocks amongst other factors.
Countries with Worst Inflation Rate
Though most countries are feeling the effect. But some tends to be feeling it more than others. And here is a list of the 10 countries with worst inflation rate according world bank:
10: Guinea – 12.59%
The inflation rate of Guinea rose to 12.59% in 2021, from 10.6% recorded in the previous year. This is also the highest inflation rate recorded by the country since 2012 when its inflation rate topped 15.2%. Meanwhile, recent data shows that Guinea’s inflation rate dropped to 10.99% in April 2022.
9: Haiti – 16.84%
Its annual inflation rate stood at 16.84% in 2021, a significant decline compared to 22.79% recorded in the previous year.Although Haiti’s economy was contracting and facing significant fiscal imbalances before the COVID-19 pandemic, its impacts triggered an even greater economic downturn. In 2020, GDP contracted 3.3% and is estimated to have contracted by 1.8% in 2021.Haiti’s inflation rate climbed further in February 2022 to 25.17%, from 23.95% recorded in January.
8 Nigeria – 16.95%
Nigeria’s inflation rate increased to 16.95% in 2021, from 13.25% recorded in the previous year. Nigeria is the most populous country on the African continent and the largest economy on the continent.Nigeria’s inflation rate accelerated to 17.71% in May 2022 from 16.82% recorded in the previous month. The National Bureau of Statistics (NBS) is set to release the inflation figures for the month of June 2022 on Friday, 15th July 2022.
7: Turkey – 19.59%
Turkey, also known as the Republic of Türkiye is a transcontinental country located in South-eastern Europe and Southwestern Asia bordering the Black Sea. The country saw its inflation rate climb to 19.59% in 2021 from 12.28% recorded in 2020.Meanwhile, the inflation rate of Turkey accelerated for the 13th consecutive month to 78.62% in June of 2022, the highest since September 1998.
6: Zambia – 22.02%
Zambia, in southern Africa, is a landlocked country of rugged terrain and diverse wildlife, with many parks and safari areas, recorded an inflation rate of 22.02% in 2021, a significant increase compared to 15.73% recorded in the previous year.Meanwhile, Zambia’s annual inflation rate decelerated for the 11th straight month to 9.7% in June of 2022, from 10.2% in the previous month.
5: Ethiopia – 26.83%
Ethiopia’s annual inflation rate rose to 26.84% in 2021 from 20.36% recorded in the preceding year.
According to AfDB, the GDP growth of Ethiopia is projected to fall to 4.8% in 2022 but pick up to 5.7% in 2023, driven by industry and by private consumption and investment.The annual inflation rate in Ethiopia eased for the first time in four months to 34% in June of 2022, from 37.7% recorded in the previous month.
4: Suriname – 59.11%
Suriname is a small country on the north-eastern coast of South America and is defined by vast swaths of tropical rainforest, Dutch colonial architecture and a melting-pot culture. Its inflation rate jumped significantly to 59.11% in 2021 from 34.89% recorded in 2020.On a positive note, the inflation rate in Suriname decreased to 59.8% in April 2022 from 62.2%recorded in the previous month.
3: Zimbabwe – 98.55%
Zimbabwe is a landlocked country in southern Africa known for its dramatic landscape and diverse wildlife, much of it within parks, reserves, and safari areas. Its inflation rate trickled down to 98.55% from 557.2% recorded in the previous year.It is worth noting that Zimbabwe’s inflation rate increased to 191.6% in June 2020, to its highest rate in over one year.
2: Lebanon – 154.76%
Lebanon’s inflation rate almost doubled to 154.8% in 2021 from 84.86% recorded in 2020.Lebanon’s annual inflation rate increased to a three-month high of 211.43% in May 2022 from April’s five-month low of 206.24%, pointing to the highest level since February,
1: Sudan – 382.82%
Sudan, officially the Republic of Sudan recorded the worst inflation rate in the world in 2021 with 382.82%, a multiple of the 150.32% recorded in the previous year.Although, Sudan’s inflation rate has decreased to 220.7% in April 2022 from 263.2% recorded in the month of March 2022.