Which countries have been hardest hit by inflation and how does it compare to Australia?
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