Top countries with the worst inflation rates

Over time, most countries across the world have witnessed slow inflation rates while some countries are yet to exit the effects of the COVID era, the Russia-Ukraine war and this has raised the inflation rates in these countries.

The article highlights the top 10 countries with the highest inflation rates. Only four African countries made the list with Nigeria escaping with a 31.7% inflation rate as of February 2024.

Top 10 countries with the highest inflation rates

Here are the top 10 countries with the highest inflation rates;

1. Argentina

As of February 2024, Argentina’s inflation rate rose to 276.2% just within a month. It was recorded as 254.2% in January of the same year.

According to Statista, Argentina has been predicted to have the highest inflation rate in 2023, 2024, and 2025

2. Syria

Trading Economics records Syria’s Inflation rate as 140% as of February 2024.

As at December 2023, Syria’s inflation rate dropped to 139.6% from 144.6% recorded in November of the same year.

3. Lebanon

Trading Economics records Inflation rate in Lebanon as 123.21% as of February 2024. The Inflation Rate forecast for 2024/2025 has also been fixed at 180% for Q1, 2024. 160% for Q2, 2024, 140% for Q3 2024 and 150% for Q4 2024.

4. Venezuela

The Inflation rate in Venezuela has been recorded as 75.9% as of February 2024.

The rate in February showed a decline from 107.4% recorded in January of the same year and has been predicted to decline to 45% by Q4 2024.

5. Turkey

The Inflation rate in Turkey has been recorded as 67.07% as of February 2024, indicating an increase from 64.86% recorded in January 2024.

The inflation in Turkey has been predicted to reduce further to 36% by Q4 2024.

Ghana's inflation decelerates, raising hopes for a rate cut BI Africa

6. Sudan

The Inflation rate in Sudan has been recorded as 63.3% as of February 2023 and according to Statista, the average inflation rate was predicted to continuously decline between 2023 and 2028 by 217.2 percentage points.

7. Zimbabwe

Zimbabwe's Inflation rate recorded an all-time high of 55.3% as of March 2024 up from 47.6% recorded in February 2024 amid the sharp depreciation of the Zimbabwean dollar against the US dollar.