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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, infl

Financially, times have been tough — and don’t expect to get much better anytime soon. Reserve Bank Governor Philip Lowe said a recession would not happen in Australia. Others think there’s a chance we could hit a brief recession sometime next year. But one thing is certain now: millions of Australians are hurting because of the rising cost of living. So, how can we prepare for the financially difficult times ahead? We asked three experts. First of all, you should know that you are not alone Before we get into it, National Debt Helpline financial adviser Deb Shroot says no matter how bad financial circumstances are, there’s always a choice. Even when things seem really bad. “If you talk to a financial advisor, there’s always a choice,” he said. Fundamentally, financial counselors are professionals who help those experiencing financial difficulties and their services are non-judgmental, free, independent and confidential. “The options may not be all desirable, however, we can talk y