Ukraine ranks 19th worldwide in terms of inflation rate
33 central banks out of a total of 38 have raised interest rates this year (Photo:Elizaveta Sergienko/Press Center of the NBU)
Ukraine ranked 19th in 2022 among the countries with the highest inflation rates, according to a study by the Elements business outlet, based on data from Trading Economics.
According to the report, today almost half of countries worldwide are seeing double-digit inflation rates or higher.
It is noted that geopolitical tensions are triggering high energy costs, while supply-side disruptions are also distorting consumer prices.
Globally, Zimbabwe (269%), Lebanon (162%), and Venezuela (156%) have the highest rates in the world.
At the same time, five other countries are also facing triple-digit inflation rates.
According to the study, as price pressures mount, 33 central banks out of a total of 38 tracked by the Bank of International Settlements have raised interest rates this year. These coordinated rate hikes are the largest in two decades, representing an end to an era of rock-bottom interest rates.
UK inflation recently hit a 41-year high. Consumer prices increased by 11.1% in annual terms. That’s the highest rate since October 1981 and a significant increase from 10.1% in September.
Inflation in Turkey in October exceeded 85% for the first time in 25 years. However, inflation slowed in November for the first time in the last 18 months.
Consumer inflation in the United States in September rose stronger than forecast and again broke a forty-year record, while the U.S. Federal Reserve raised the base rate for the sixth time since the beginning of the year. In October, inflation in the United States slowed to 7.7%.
Inflation in the Eurozone slowed in November for the first time in one-and-a-half years. Consumer prices increased by 10% in annual terms.
In Ukraine, consumer inflation accelerated to 26.6% in October (up from 24.6% in September).
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