High inflation rates are a cause for concern in some countries, making it challenging for people and businesses to manage their finances and plan. In this article, we will explore the top 10 countries with the highest inflation rate in 2024. We will also examine the factors contributing to this economic phenomenon
List of top 10 countries with highest inflation in 2024
1. Venezuela
Venezuela is first on the list of top 10 countries with highest inflation in 2024. The inflation rate in Venezuela has only been going up in recent years. Last year, it was 359.99%. In 2024, it has reached 400.0%, according to Data Pandas. There were times when prices of commodities in Venezuela changed so drastically that supermarkets and grocery stores stopped putting price tags on goods. Instead, they told customers to simply inquire from the staff about the current cost of the items.
2. Zimbabwe
In February 2023, Zimbabwe experienced a year-on-year consumer price inflation of 92.3%, which was lower than the previous month’s 229.8%. This year (2024), it has gone up to 172.2%, which is a big rise. This downward trend continued from September 2022, and it is the lowest level recorded since March of the previous year. Additionally, consumer prices decreased by 1.6% on a monthly basis, the first decline since June 2018, after a 1.1% increase in the previous month.
3. Argentina
Argentina’s inflation rate has surged beyond 100%, marking the highest level in over 30 years, reported The Guardian. The annual rate of 102.5% is negatively affecting purchasing power, savings, economic growth, and the government’s chances in next year’s elections. The people of Argentina are feeling the impact of the rising prices keenly in the markets, shops, and homes, as the nation’s inflation rate is one of the highest in the world, affecting their financial wallets. Currently the rate is estimated at 98.6%.
4. Sudan
The current 2024 inflation rate is recorded at 71.5, which is still lower than last year. In 2023, it was recorded at 83.6, according to Take-profit.org. Inflation in Sudan has been on the rise in recent times, mainly caused by the cost of food and beverages, as well as a black market for U.S. currency. The severe inflation problem led to protests, and eventually the removal of President Omar al-Bashir in April 2019. Currently, Sudan’s transitional government has the responsibility of improving the country’s economy which has suffered from years of mismanagement.
5. Turkey
Turkey is also included in the list of top 10 countries with highest inflation rate of 50.6% in 2024. In January 2023, Turkey’s inflation rate stood at 57.7%, the highest among all G20 nations. While the rate has fallen for the third consecutive month, it’s still significantly higher than others in the G20. Health, hospitality, food, and furnishings are the primary drivers of consumer price growth. This follows a period of unprecedented inflationary growth in Turkey, with an increase of more than 60 percentage points in just a year.
6. Ghana
Ghana’s current inflate rate stands at 45.4%. In February 2023, Ghana experienced a decrease in its annual inflation rate for the second consecutive month, falling from 53.6% in the previous month to 52.8%. This followed a peak of 54.1% in December, the highest it has been in over 20 years. The reduction in inflation was largely due to the stability of the cedi currency and a decline in international oil prices.
7. Haiti
In January 2024, Haiti’s yearly inflation rate dropped to its lowest point in 27 months, reaching 20.9% from 21.2% the month before. On average, Haiti’s inflation rate has been around 15.34% since 2003. The highest point was recorded at 49.30% in January 2023, while the lowest was -4.70% in September 2009. The current rate of inflation is 44.5%.
8. Suriname
In January 2024, Suriname’s inflation rate decreased to 29.60% from 33.20% in December 2023. Suriname’s inflation rate has averaged 32.40% from 1969 until 2024, with the highest recorded at 586.48% in December 1994, and the lowest at -11.68% in June 1996. As of 2024, Suriname’s current inflation rate stands at 42.7%.
9. Iran
In February 2024, Iran’s Consumer Price Index rose by 1.40%, marking the smallest increase since May 2021, following a 2.60% rise in January. Iran’s month-on-month inflation rate has averaged 1.69% from 1990 until 2024, reaching its highest point at 10.60% in June 2022, and its lowest at -4.17% in August 1990. As of 2024, the current inflation rate in Iran stands at 42.5%.
10. Sierra Leone
Sierra Leone is 10th on the list of top 10 countries with highest inflation in 2024. Over the course of 41 years, the inflation rate for consumer prices in Sierra Leone has ranged from -3.3% to 178.7%. The current rate of inflation in 2024 is at 37.8%. In 2023, the inflation rate was at 28.48%, according to Business Insider. The average inflation rate from 1980 to 2021 was 31.2% per year, resulting in an overall price increase of 2.03 million percent. For example, an item that cost 100 leones in 1980 would cost 2.03 million leones at the start of 2022.
High inflation rates can be a major challenge for countries, impacting economic growth, living standards, and the overall stability of the economy. While some countries have experienced periods of extremely high inflation in the past, many have implemented policies to reduce inflation and maintain stability. It is crucial for governments to implement effective policies and make informed decisions to manage inflation rates and maintain a stable economy for the benefit of their citizens.
