Inflation significantly affects most of the financial activities you do, such as mortgage payments, savings, and the amount of shopping spree you can afford at times. The government uses the rate at which prices of goods and services change to assess the state of its economy. Experts always point out that low and predictable growth is something for all. The International Monetary Fund estimated global inflation at 3.6%. However, if the inflation rate is too high or unstable, companies will not be able to fix their prices, and consumer spending habits will eventually be affected, according to the Bank of England. If prices keep going up over a short period, it will be challenging to buy things the way you are used to. Worse yet is the fact that you will not be able to estimate the value of what you have accurately. Inflation rates can affect the standard of living in a particular place. Here are the top ten countries according to inflation rates.
Life has been biting hard on the citizens of Venezuela for some time now. Due to the nation’s political instability that resulted from factors such as corruption and gross mismanagement of public funds. Venezuela sits on the top of this list with a crippling 282972.8% inflation rate. The unfavorable economic conditions have led to people fleeing the nation while their leaders have continued to fight against each other.
Late Robert Mugabe, the ousted president of Zimbabwe, was one man whose name never went down well with many of the advanced leaders due to his controversial policies. His policies sank the nation into a deep hole of inflation. With their inflation rate still sitting at 175.66%, that goes to tell you that a lot still needs to be done. While the current president vowed to change the status quo, the statistics of the commercial economy once again point to the contrary.
3 South Sudan
The conflict in Sudan was like a never-ending battle, and the whole world supported the idea of secession by the southern parts. Even with withdrawal, full peace and stability are still distant realities for the citizens. The instability has translated to high inflation rates. They currently stand as the nation with the third-highest inflation rate of 56.1% as of 2019.
4 North Korea
North Korea is working out all modalities to see how they can sit with the big guns when it comes to military might and the most advanced warfare technology. The president focused massively on his efforts that he has failed to put necessary measures to checkmate their rising inflation rates. And with the West imposing one or two sanctions on the Korean state, you should not be surprised about their 55% inflation rate.
This South American nation has been dragged into political and economic turmoil over the past years. Citizens were practically dissatisfied with the government’s failure to curb inflation and high unemployment. The government continued promising on how to improve the situation for the citizens. But, until that happens, their inflation rate is still at 54.4%.
South Sudan may have seceded from their Mother Nation and ended up with colossal inflation rates. But that does not make Sudan better. Looking at the stats, they are not that far from each other. With their inflation rate sitting at 52.3%, it is easy to understand why they are experiencing all sorts of instability.
Iran has been one of the most respected nations in the Arab world. They have advanced in military technology recently, and they appear to be rating themselves as a superpower already. The Americans have imposed biting sanctions on the Iranian economy, and the effect can be seen in the rate of inflation that has hit the country. The Iranians have not been happy about this development. Nevertheless, it is what it is, and their inflation rate stands at 48%.
Liberia had been out of the spotlight for some time. Even after the recent cases of Ebola that threatened some nations in Africa, Liberia remained calm on the international front. Fortunately or unfortunately, their surging inflation rates is becoming a topic of discussion for the experts again. The 23.3% inflation rate was a cause for concern, placing them on the eighth spot of nations that suffer most from this index.
The last big-magnitude earthquake was one event that brought Haiti onto the international scene. Back then, it became common knowledge that these guys needed all the financial help they could get to overcome the disaster. However, it is sad to note that many years have passed and that things have become worse for Haitian people. In addition to the corruption and other social vices that have plagued the nation, these guys have an 18.6% inflation rate to deal with.
10 Sierra Leone
As a nation that has gone through a lot of trying times, the Sierra Leoneans did not give up on their national identity. While they are slowly digging themselves out of all the mess they have been through, their inflation rate stands at 17.46%.