Over the past several months, the impact of soaring inflation on Canadian wallets has become increasingly evident. No matter how spectacular it seems, though, this rise has actually been modest compared to the inflation rates hitting some other countries. In Africa, especially, a number of countries are struggling with substantial price hikes. Sudan takes the cake with 221% as of last April, but Zimbabwe is close behind with 191%. Other African countries dealing with inflation rates in the double digits or higher include Ghana (29.8%), Nigeria (18.6%) and Rwanda (16.1%).
As for the so-called developed countries, 37 out of 44 have seen their inflation rates double in the past two years.
The following sources were used to prepare this article:
Naira Metrics, “African countries and their inflation rates in 2022.”
World Economic Forum, “Research from 44 countries shows levels of rising inflation across the world."