By Peter C. Earle
Last week, reporters questioned President Biden on the state of the US economy at a Baskin-Robbins in Portland, Oregon. After indicating little worry about the strength of the US dollar, the President added: “Inflation is worldwide. It is worse off everywhere else that isn’t the United States.” It goes without saying, or should, that the President is not responsible for monetary policy, though there are indications that he would like to be, selectively. Additionally, the President is not likely to be briefed on global annualized rates of inflation.
But such a sweeping, confident assertion as this requires verification. In light of the Biden administration’s credible intellectual commitment to combating disinformation, its officials would undoubtedly agree that every American has a duty to wrest truth from the jaws of mendacity. In that spirit, below are the most recent year-over-year inflation rates of several political and geographic national groupings. In each, US CPI has been added at its appropriately ranked position.
| G-10 | Inf (% yoy) |
| Sweden CPI YoY 1980=100 | 10.84 |
| UK CPI EU Harmonized YoY NSA | 10.10 |
| Eurostat Eurozone MUICP All It | 10.00 |
| Denmark CPI YoY | 10.00 |
| US CPI Urban Consumers YoY NSA | 8.20 |
| New Zealand CPI All Groups YoY | 7.23 |
| Norway CPI YoY | 6.89 |
| STCA Canada CPI YoY NSA 2002=1 | 6.86 |
| Australia CPI All Groups Goods | 6.10 |
| Switzerland CPI All Items YoY | 3.30 |
| Japan CPI Nationwide YoY | 3.00 |
| Eurozone | |
| Lithuania CPI YoY | 24.10 |
| Estonia CPI YoY | 23.68 |
| Latvia CPI YoY | 22.20 |
| Netherlands CPI YoY | 14.50 |
| Eurostat Slovakia HICP All Ite | 13.60 |
| Belgium CPI YoY NSA 2013=100 | 11.27 |
| Eurostat Slovenia HICP All Ite | 10.60 |
| Austria CPI All Items YoY | 10.50 |
| Eurostat Eurozone MUICP All It | 10.00 |
| Germany CPI All Items YoY | 10.00 |
| Portugal CPI YoY | 9.28 |
| Italy CPI NIC All Items YoY NS | 8.90 |
| Spain CPI YoY | 8.90 |
| Eurostat Luxembourg HICP All I | 8.80 |
| Cyprus CPI YoY | 8.74 |
| US CPI Urban Consumers YoY NSA | 8.20 |
| Finland CPI All Items YoY | 8.12 |
| Eurostat Malta HICP All Items | 7.40 |
| France CPI 2015=100 YoY | 5.55 |
| EMEA (Europe, Middle East, and Africa) | |
| Turkey CPI YOY % | 83.45 |
| Ukraine CPI YoY | 24.60 |
| Hungary CPI Yearly | 20.10 |
| Bulgaria CPI YoY | 18.70 |
| Czech Republic CPI Nominal Chn | 18.00 |
| Poland CPI All Items YoY | 17.20 |
| Romania CPI YoY | 15.88 |
| Russia CPI YoY | 13.68 |
| Croatia CPI YoY | 12.80 |
| Iceland CPI YoY | 9.30 |
| US CPI Urban Consumers YoY NSA | 8.20 |
| South Africa CPI YoY | 7.50 |
| Israel CPI YoY NSA | 4.59 |
| Asia | |
| Pakistan CPI 2015-16=100 YoY | 23.18 |
| US CPI Urban Consumers YoY NSA | 8.20 |
| Singapore CPI All Items YoY | 7.50 |
| Philippines CPI All items YoY% | 6.90 |
| Thailand CPI All Items YoY | 6.41 |
| Indonesia CPI YoY | 5.95 |
| India CPI Industrial Workers Y | 5.85 |
| South Korea CPI YoY | 5.60 |
| Malaysia CPI YoY 2010=100 | 4.48 |
| Hong Kong CPI Composite All It | 4.40 |
| Vietnam CPI All Groups Components | 3.94 |
| China CPI YoY | 2.80 |
| Taiwan CPI YoY NSA | 2.75 |
| Latin America | |
| Venezuela National CPI YoY% | 114.13 |
| Argentina National CPI YoY | 83.00 |
| Chile CPI YoY NSA | 13.73 |
| Colombia CPI YoY | 11.44 |
| Mexico CPI YoY | 8.70 |
| Lima CPI YoY | 8.53 |
| US CPI Urban Consumers YoY NSA | 8.20 |
| Brazil CPI IPCA YoY | 7.17 |
| Middle East | |
| Lebanese Monthly Consumer Price | 162.47 |
| Yemen Monthly Consumer Price I | 9.49 |
| Iran CPI General Index YoY | 9.40 |
| US CPI Urban Consumers YoY NSA | 8.20 |
| IMF Iraq Inflation Average Con | 6.04 |
| Qatar Consumer Price Index Gen | 6.03 |
| Jordan Monthly Consumer Price | 5.39 |
| Israel CPI YoY NSA | 4.59 |
| IMF Syria Inflation Avg Consum | 4.40 |
| Kuwait Consumer Price Index Yo | 4.15 |
| Bahrain Consumer Price Index Y | 4.00 |
| Saudi Arabia Cost of Living Ge | 3.07 |
| United Arab Emirates Consumer | 2.50 |
| Oman Consumer Price Index YoY | 2.36 |
| North Africa | |
| Egypt Monthly Consumer Price I | 15.00 |
| Algiers Consumer Price Index Y | 9.84 |
| Morocco Consumer Price Index Y | 8.30 |
| US CPI Urban Consumers YoY NSA | 8.20 |
| IMF Tunisia Inflation Avg Cons | 5.71 |
| IMF Libya Inflation Average Co | 2.77 |
| BRICS | |
| Russia CPI YoY | 13.68 |
| US CPI Urban Consumers YoY NSA | 8.20 |
| South Africa CPI YoY | 7.50 |
| Brazil CPI IPCA YoY | 7.17 |
| India CPI Industrial Workers Y | 5.85 |
| China CPI YoY | 2.80 |
As shown, in no region is United States year-over-year inflation, as measured by the headline Consumer Price Index (CPI), the lowest. In Latin America, the Eurozone, and the Europe, Middle East, and Africa (EMEA) categories, US CPI (yoy) is near the bottom of the rankings. In Asia and the Middle East, the US is near the top of the rankings. Among Brazil, Russia, India, and China (BRICS), North African nations and the G-10, annualized inflation in the US is roughly in the middle of the rankings.
Below the countries are combined and ordered from highest to lowest by annualized rates of inflation.
| Rank | Country | Inf (% yoy) |
| 1 | Lebanese Monthly Consumer Price | 162.47 |
| 2 | Venezuela National CPI YoY% | 114.13 |
| 3 | Turkey CPI YOY % | 83.45 |
| 4 | Argentina National CPI YoY | 83.00 |
| 5 | Ukraine CPI YoY | 24.60 |
| 6 | Lithuania CPI YoY | 24.10 |
| 7 | Estonia CPI YoY | 23.68 |
| 8 | Pakistan CPI 2015-16=100 YoY | 23.18 |
| 9 | Latvia CPI YoY | 22.20 |
| 10 | Hungary CPI Yearly | 20.10 |
| 11 | Bulgaria CPI YoY | 18.70 |
| 12 | Czech Republic CPI Nominal Chn | 18.00 |
| 13 | Poland CPI All Items YoY | 17.20 |
| 14 | Romania CPI YoY | 15.88 |
| 15 | Egypt Monthly Consumer Price I | 15.00 |
| 16 | Netherlands CPI YoY | 14.50 |
| 17 | Chile CPI YoY NSA | 13.73 |
| 18 | Russia CPI YoY | 13.68 |
| 19 | Eurostat Slovakia HICP All Ite | 13.60 |
| 20 | Croatia CPI YoY | 12.80 |
| 21 | Colombia CPI YoY | 11.44 |
| 22 | Belgium CPI YoY NSA 2013=100 | 11.27 |
| 23 | Sweden CPI YoY 1980=100 | 10.84 |
| 24 | Eurostat Slovenia HICP All Ite | 10.60 |
| 25 | Austria CPI All Items YoY | 10.50 |
| 26 | UK CPI EU Harmonized YoY NSA | 10.10 |
| 27 | Eurostat Eurozone MUICP All It | 10.00 |
| 28 | Denmark CPI YoY | 10.00 |
| 29 | Germany CPI All Items YoY | 10.00 |
| 30 | Algiers Consumer Price Index Y | 9.84 |
| 31 | Yemen Monthly Consumer Price I | 9.49 |
| 32 | Iran CPI General Index YoY | 9.40 |
| 33 | Iceland CPI YoY | 9.30 |
| 34 | Portugal CPI YoY | 9.28 |
| 35 | Italy CPI NIC All Items YoY NS | 8.90 |
| 36 | Spain CPI YoY | 8.90 |
| 37 | Eurostat Luxembourg HICP All I | 8.80 |
| 38 | Cyprus CPI YoY | 8.74 |
| 39 | Mexico CPI YoY | 8.70 |
| 40 | Lima CPI YoY | 8.53 |
| 41 | Morocco Consumer Price Index Y | 8.30 |
| 42 | US CPI Urban Consumers YoY NSA | 8.20 |
| 43 | Finland CPI All Items YoY | 8.12 |
| 44 | South Africa CPI YoY | 7.50 |
| 45 | Singapore CPI All Items YoY | 7.50 |
| 46 | Eurostat Malta HICP All Items | 7.40 |
| 47 | New Zealand CPI All Groups YoY | 7.23 |
| 48 | Brazil CPI IPCA YoY | 7.17 |
| 49 | Philippines CPI All items YoY% | 6.90 |
| 50 | Norway CPI YoY | 6.89 |
| 51 | STCA Canada CPI YoY NSA 2002=1 | 6.86 |
| 52 | Thailand CPI All Items YoY | 6.41 |
| 53 | Australia CPI All Groups Goods | 6.10 |
| 54 | IMF Iraq Inflation Average Con | 6.04 |
| 55 | Qatar Consumer Price Index Gen | 6.03 |
| 56 | Indonesia CPI YoY | 5.95 |
| 57 | India CPI Industrial Workers Y | 5.85 |
| 58 | IMF Tunisia Inflation Avg Cons | 5.71 |
| 59 | South Korea CPI YoY | 5.60 |
| 60 | France CPI 2015=100 YoY | 5.55 |
| 61 | Jordan Monthly Consumer Price | 5.39 |
| 62 | Israel CPI YoY NSA | 4.59 |
| 63 | Malaysia CPI YoY 2010=100 | 4.48 |
| 64 | Hong Kong CPI Composite All It | 4.40 |
| 65 | IMF Syria Inflation Avg Consum | 4.40 |
| 66 | Kuwait Consumer Price Index Yo | 4.15 |
| 67 | Bahrain Consumer Price Index Y | 4.00 |
| 68 | Vietnam CPI All Groups Compone | 3.94 |
| 69 | Switzerland CPI All Items YoY | 3.30 |
| 70 | Saudi Arabia Cost of Living | 3.07 |
| 71 | Japan CPI Nationwide YoY | 3.00 |
| 72 | China CPI YoY | 2.80 |
| 73 | IMF Libya Inflation Average Co | 2.77 |
| 74 | Taiwan CPI YoY NSA | 2.75 |
| 75 | United Arab Emirates Consumer | 2.50 |
| 76 | Oman Consumer Price Index YoY | 2.36 |
(Some allowance must be made for the standard inaccuracies which arise with any form of economic measurement. Some of these disclosures may be manipulated, if not completely fabricated.)
But assuming that most of these readings are accurate, there are roughly three dozen nations with lower year-over-year rates of inflation than the United States. Of the 75 listed here, 34 (nearly half) are experiencing lower rates of inflation than the US. Contra Mr. Biden’s assertion, many nations are currently experiencing annualized inflation at lower levels than the United States. Among them are Canada, Australia, France, South Korea, Finland, and South Africa. Ten nations, in fact, have annualized rates of inflation of half or less of what the United States is currently experiencing.
If we remove the economies which are arguably in hyperinflationary states (Lebanon, Venezuela, Turkey, and Argentina), the average year-over-year inflation among the remaining 72 nations is 9.4 percent. It’s only a few months back that headline inflation in the United States was a fraction below that: 9.1 percent in June 2022.
Slipshod comments of the sort made by the President may not have any immediate impact other than eroding the credibility of the office from whence they emanate. But an administration which was evidently so troubled by “misinformation” would more profitably target it not by establishing a ministry, but by looking in a mirror.
Peter C. Earle
Peter C. Earle is an economist and writer who joined AIER in 2018. Prior to that he spent over 20 years as a trader and analyst at a number of securities firms and hedge funds in the New York metropolitan area, as well as running a gaming and cryptocurrency consultancy. His research focuses on financial markets, monetary policy, the economics of games, and problems in economic measurement. He has been quoted by the Wall Street Journal, Bloomberg, Reuters, CNBC, Grant’s Interest Rate Observer, NPR, and in numerous other media outlets and publications. Pete holds an MA in Applied Economics from American University, an MBA (Finance), and a BS in Engineering from the United States Military Academy at West Point. Follow him on Twitter.
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