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In 2025, Venezuela had the highest inflation rate worldwide, with prices increasing by 252 percent compared with the previous year. Sudan had the second-highest rate of inflation at 100.2 percent, followed by South Sudan at 97.6percent and Zimbabwe at 81.4 percent. In this year, nine countries experienced deflation, with Niger reporting an inflation rate of -4.56 percent, the lowest inflation rate that year.

Inflation outlook for 2026

During the recent inflation crisis, the global inflation rate reached a post-pandemic high of 8.67 percent, falling to 4.13 percent by 2025. For 2026, the inflation rate is expected to increase slightly to 4.42 percent, a figure that could be pushed up even further should the Iran War continue. Oil prices have shot up since the start of the conflict, due to the effective closure of the vital Strait of Hormuz.Ìý

Price surge in 2022

The potential for a second price shock so soon after the last crisis reflects the geopolitical instability of the 2020s. Although the last crisis had its roots in supply chain issues caused by COVID-19, Russia's invasion of Ukraine caused massive disruption to global food and energy prices, resulting in prices accelerating rapidly. The resulting cost of living crisis was felt across the world, with many households still recovering from its impact.