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The summer of 2022 was, broadly speaking, the summer of inflation. An energy crunch caused by Russia’s war in Ukraine, coupled with increased post-COVID demand and supply chain kinks sent prices through the roof. Elevated oil and gas, in particular, set records around the globe.
Fast forward a year and inflationary pressures persist in many places, but the trend is mostly headed downward. In some countries – like the US – that’s a good thing, suggesting that the US Fed’s effort to rein in inflation is working (though inflation in the US rose slightly last month for the first time in months). However, in China, for instance, inflation has come down too much and the world’s second-largest country is now grappling with the opposite conundrum: deflation.
Meanwhile, inflation in Russia has plummeted 70% since last August, though current trends suggest it is climbing fast as the value of the Russian ruble nosedives.
India, for its part, is on an anomalous path, with rising food prices as a result of volatile weather conditions having sent inflation soaring last month. We take a look at inflation rates in select economies in Aug. 2022 compared to now.