(Source: uk.businessinsider.com)

LONDON – In major western economies, inflation is usually relatively low.

With the exception of events like the Winter of Discontent in the UK in 1978, central banks have been able to keep a lid on price increases.

That is not the case all over the world however, with less developed economies often finding it difficult to control the growth of prices for everyday goods.

Every year, the World Economic Forum releases its Global Competitiveness Report on the state of the world’s economies.

The WEF looks at data on areas as varied as the soundness of banks to the sophistication of businesses in each country. It then uses the data to compile a picture of the economy of almost every country on earth.

One of those measures is inflation, with former Soviet Union countries and those in sub-Saharan Africa generally seeing the highest levels of inflation this year.

However, the stricken South American nation of Venezuela — which has seen its economy collapse with the drop in oil prices in recent years — has by far the highest inflation of any nation measured by the WEF. Venezuela’s inflation rate is in excess of 250%, more than 10 times that of any other country.

Check out the full list of all countries where inflation was higher than 10% last year, below.

More Info: uk.businessinsider.com

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