The Rise in Global Inflation Threatens World Economy

公開：
エクスポート アーカイブの表示

The latest data on inflation from the World Bank shows that global inflation continues to accelerate. In May 2022, the world consumer price index (CPI) growth accelerated to 8.1% year-over-year. The last time year-over-year global inflation approached 8% was in 2008, when the world economy was stepping in the Great Recession.

Knoema's global inflation heat map, based on the World Bank data, reveals the spread of inflation to more and more countries each month.

  • In Dec 2019, among 107 countries in the World Bank's dataset, there were only 5 countries where year-over-year CPI growth exceeded 10%, and 21 economies where CPI growth ranged between 4% and 10%.
  • By May 2022 the number of countries with year-over-year CPI growth above 10% had increased to 39, and the number of countries with CPI growth between 4% and 10% had reached 54.
  • Due to high commodity prices the potential for cost-push inflation still remains high. For example, in May 2022 global CPI was 16.4% higher than it had been in May 2019. For the same period, prices for energy and non-energy commodities — the raw materials and energy used in production — increased by 88.9% and 64.4%, respectively.
  • The downward trend in commodity prices since mid-June 2022, especially declining prices for copper, may indicate that high inflation is already hitting the global economy.

Coronavirus Data and Insights

Live data and insights on Coronavirus around the world, including detailed statistics for the US, EU, and China — confirmed and recovered cases, deaths, alternative data on economic activities, customer behavior, supply chains, and more.

Explore

Knoemaの関連分析データ

IMF October 2021 Outlook | Robust Expansion Despite Rising Inflation

(14 October 2021) The mid-term prospects for the development of the global economy look promising — the International Monetary Fund projects that almost 6% global GDP growth in 2021 and almost 5% growth in 2022 will be followed with annual growth above 3% in 2023 through 2026. However, uncertainty around inflation pressure and the pandemic situation are considered major risks for global growth. Here are the key takeaways from the October 2021 edition of the IMF's World Economic Outlook (WEO) report: October 2021 global growth projections by the IMF were nearly unchanged from the...

The World's Largest Economy: China vs United States

Which is the world's largest economy, China or the United States? As is usual in the field of economics, “It depends.” It depends on the methods used to estimate the size of an economy and to compare one economy to another. Despite modern discussions on refining the calculation of gross domestic product (GDP), the standard measure of an economy’s size and performance, to be more inclusive of economic factors that have been ignored to date, such as environmental and natural resource depletion, there is no commonly accepted alternative to GDP. There are, however, at least two commonly...

How Deep an Economic Decline Can the World Expect in 2020?

For the first time during the post World War II era, the global economy is expected to shrink due to measures in force worldwide to suppress the coronavirus, according to the IMF World Economic Outlook (WEO) released on April 14, 2020. In this edition of the WEO, the IMF shortened the forecast horizon to 2021 instead of the expected 2025 horizon and limited the number of indicators available in its statistical tables because of the high level of uncertainty in current global economic conditions. In the baseline scenario—which assumes that the pandemic fades in the second half of...

Wages and the Famous Big Mac: How Far Does Your Income Go?

It sounds like a riddle: how many Big Macs for your entire daily wage? Granted, many of our readers may not even have access to a Big Mac where they live (not to mention those who wouldn’t buy Big Macs if they were vegetarian, among other reasons). So, why is the Big Mac Index from the Economist a well-known concept around the world? It’s simple: Big Macs are easier for the overwhelming majority of the world’s population to understand as opposed to economic concepts like “GDP per capita in purchasing power parities,” which is a mouthful and a complicated concept. The answer to the...