If everything feels more expensive lately, you’re not alone. Global inflation rates have gone up since 2020. But how do these trends compare to previous periods of inflation? And are all countries affected the same way?
This animated map charts inflation over the last 50-plus years. You can compare global average inflation against rates in each country since 1970. Individual countries tend to reflect changes in global average inflation over time. However, the magnitude and volatility of inflation differ sharply by country and region.
As the video plays, it pauses to highlight moments of extreme inflation by country. For example, Venezuela’s rate of 65,374% in 2018 is the highest individual value covered in the video.
You can also see bouts of deflation occur over time. Zimbabwe, in particular, experienced multiple years of deflation between 1997 and 2006.
The video also shows that inflation tends to be cyclical. Since 1970, we can see several peaks and valleys in global average inflation. There have been several years where global average inflation was higher than 2022’s 8.0% rate. One reason inflation feels so acute now is that we just came through a period of historically low inflation.
While some nations are trending toward lower inflation, it’s important to keep these patterns in mind. If history is any guide, this period of reduced spending power is likely to persist a little longer.
More to Explore
Learn more about inflation with these videos from the Federal Reserve Bank of Cleveland.