Europe became the most inflationary region in the world in October

According to a study conducted on the basis of data from the national statistical services of 193 UN member states, Europe became the most inflationary region of the world in October 2022. In this region, 58% of all countries in mid-autumn experienced an acceleration in price growth in annual terms.

The final sample included 155 countries that submitted their inflation data for October from six regions of the world: Asia, sub-Saharan Africa, the Middle East and North Africa, Europe, South and North America.

The highest annual inflation in the European region in October was in Moldova at 33.6%, and the lowest at 3% – in Switzerland and Liechtenstein. In 15 states, inflation slowed down compared to September, and in two – remained unchanged.

Along with Europe, a significant number of countries with accelerating inflation in October were in sub-Saharan Africa: there were 17 such countries in the region, or 45%. The largest increase in inflation occurred in Rwanda (by 7.1% – up to 31%), as well as in Sierra Leone - by 3.9 percentage points, up to 33%. 

In the Middle East and North Africa region, 40% of countries recorded an acceleration in inflation in October, 36% of countries in North America, and a third of countries in Asia and South America.