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Which countries have been hardest hit by inflation and how does it
compare to Australia?
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Australians are feeling the pressure from inflation, but in some parts of the world inflation rates are almost 11 times higher, causing massive spikes in the prices of goods.
Key points:
Experts told the ABC developing countries are likely to be hit harder by inflation
One expert says countries with cautious central banks have so far managed rising inflation better
The situation in Australia is common in countries such as the US, South Korea, Germany and Canada
According to the Australian Bureau of Statistics, the country’s inflation rate is just above 5 percent.
By comparison, Turkey faces one of the highest inflation rates in the world, currently at around 54 percent, Fariborz Moshirian, director of the global finance institute at the University of New South Wales, told the ABC.
Sri Lanka, where protests over food and fuel shortages have prompted the President to leave the country, has an inflation rate of nearly 55 percent.
Brazil’s inflation is around 12 percent and in Russia, inflation runs between 10 and 14 percent, according to Professor Moshirian.
“There are some parts of the world where you don’t need to have accurate data on inflation, but that’s where you need to care more, like Africa,” he said.
The inflation rate in Argentina is above 60 percent and is expected to reach 70 percent by the end of the year.
For years, the South American country has been battling high inflation with little success. The situation has worsened as global commodity prices have risen over the past year, exacerbated recently by the war in Ukraine.
According to Professor Moshirian, most European countries have inflation ranging between 5 percent and 7.5 percent.
He chose Greece and Italy to have high inflation rates of 12 percent and around 7 percent, respectively.
Scandinavian countries have managed to maintain between 2.5 and 5 percent, he said.
Developing countries are the hardest hit
Inflation is very high in Turkey because of political decisions, Professor Moshirian said.(AP: Francisco Seco)
Professor Moshirian said people in low-income countries would be most affected by inflation.
“If you only have $200 a week to spend and you spend all of your $200 on food and fruit and basic necessities, and if that goes up, say, 10 percent [or] 20 percent, you basically have $10 or $20 less to spend,” he says.
“Whereas if I was earning $2,000 a week and my food and basic necessities were only $200, it wouldn’t affect me as much as other people who earn only $200 say.”
And Professor Moshirian warned that rising inflation rates would have consequences beyond the immediate economy.
He said it would impact families, increase tension and affect people’s physical and mental health, especially when “parents cannot provide enough food for children”.
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