G20 Inflation Rates: Feb 2024 vs COVID Peak

This post is by Marcus Lu from Visual Capitalist

See this visualization first on the Voronoi app.

Chart showing inflation rates across the G20

How Far Have Inflation Rates Fallen Across the G20?

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources. A major economic consequence that arose in the aftermath of the COVID-19 pandemic was high inflation. In many countries, inflation rates reached double-digits, which is significantly higher than the 2-3% typically targeted by central banks. Generally speaking, an extended period of fast rising prices is not optimal because it erodes the purchasing power of money. This makes everyday essentials like groceries, rent, and gas more expensive. To see how inflation is currently faring, we’ve visualized annual inflation rates across G20 countries as of February 2024, in the context of their pandemic peak. This data was sourced from Trading Economics and can also be found in the table below.
CountryInflation (%, Feb 2024)Inflation (%, COVID peak)Date of Peak
🇦🇷 Argentina276.0
🇹🇷 Turkey67.185.5Oct 2022
🇷🇺 Russia7.717.8Apr 2022
🇿🇦 South Africa5.67.8Jul 2022
🇮🇳 India5.17.8Apr 2022
🇧🇷 Brazil4.512.1Apr 2022
🇲🇽 Mexico4.48.7Sept 2022
🇦🇺 Australia4.17.8Dec 2022
🇬🇧 United Kingdom3.411.1Oct 2022
🇺🇸 United States3.29.1Jun 2022
🇰🇷 South Korea3.16.3Jul 2022
🇫🇷 France3.06.3Feb 2023
🇨🇦 Canada2.88.1Jun 2022
🇯🇵 Japan2.84.3Jan 2023
🇪🇸 Spain2.810.8Jul 2022
🇮🇩 Indonesia2.86Sept 2022
🇩🇪 (Read more…)