Inflation Amid Two Crises in G7 Countries
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In 2022, advanced economies grappled with the most pronounced inflationary pressures in nearly four decades, harking back to 1982. The annual inflation rate soared to 7.3%, reaching its zenith at 8.0% in October of the same year. Following a nine-year span of subdued inflation, registering below 2% from 2012 to 2020, advanced economies experienced a surge in inflation in 2022. Starting at 0.4% in November 2020, the annual inflation rate gradually ascended, hitting 6.1% by February 2022. Subsequently, following Russia's invasion of Ukraine, inflation continued its upward trajectory, peaking at around 8% from June to October 2022. From November 2022 onwards, inflation gradually subsided, reaching 3.2% in December 2023.
Various factors, both on the supply and demand sides, contributed to heightened inflation, encompassing supply chain disruptions, escalating commodity and import prices, augmented production costs, post-pandemic consumption growth, speculative activities, and expansionary monetary policies.
The pinnacle of inflation was observed across G7 countries between June 2022 and February 2023. Notably, the United States experienced a peak of 9.1%, while Canada recorded 8.1% in June 2022. Subsequently, in October 2022, Italy witnessed an inflation peak of 11.8%, the United Kingdom 9.6%, and Germany 8.8%. Finally, Japan encountered a peak of 4.4% in January 2023, and France reached 6.3% in February 2023.
By December 2023, inflation rates had moderated in G7 nations. The United States and Canada registered rates of 3.4%, Germany and France 3.7%, and the United Kingdom 4.2%. Meanwhile, Japan and Italy reported inflation rates of 2.6% and 0.6%, respectively.
Dataset
G7 Inflation Rate | |||||||||
---|---|---|---|---|---|---|---|---|---|
U.S. | UK | Japan | Canada | Germany | France | Italy | Advanced Economies | ||
2018-01 | 2.1% | 2.7% | 1.3% | 1.7% | 1.4% | 1.3% | 0.9% | 1.7% | |
2018-02 | 2.2% | 2.4% | 1.4% | 2.2% | 1.2% | 1.2% | 0.5% | 1.7% | |
2018-03 | 2.4% | 2.3% | 1.1% | 2.3% | 1.5% | 1.6% | 0.8% | 1.8% | |
2018-04 | 2.5% | 2.2% | 0.6% | 2.2% | 1.4% | 1.6% | 0.5% | 1.8% | |
2018-05 | 2.8% | 2.3% | 0.7% | 2.2% | 2.1% | 2.0% | 1.0% | 2.2% | |
2018-06 | 2.9% | 2.3% | 0.7% | 2.5% | 1.9% | 2.0% | 1.3% | 2.2% | |
2018-07 | 2.9% | 2.3% | 0.9% | 3.0% | 1.9% | 2.3% | 1.5% | 2.3% | |
2018-08 | 2.7% | 2.4% | 1.3% | 2.8% | 1.9% | 2.3% | 1.6% | 2.3% | |
2018-09 | 2.3% | 2.2% | 1.1% | 2.2% | 2.1% | 2.2% | 1.4% | 2.0% | |
2018-10 | 2.5% | 2.2% | 1.4% | 2.4% | 2.3% | 2.2% | 1.6% | 2.2% | |
2018-11 | 2.2% | 2.1% | 0.9% | 1.7% | 2.1% | 1.9% | 1.6% | 1.9% | |
2018-12 | 1.9% | 2.0% | 0.3% | 2.0% | 1.7% | 1.6% | 1.1% | 1.6% | |
2019-01 | 1.6% | 1.8% | 0.2% | 1.4% | 1.3% | 1.2% | 0.9% | 1.3% | |
2019-02 | 1.5% | 1.8% | 0.2% | 1.5% | 1.4% | 1.3% | 1.0% | 1.3% | |
2019-03 | 1.9% | 1.8% | 0.5% | 1.9% | 1.3% | 1.1% | 1.0% | 1.5% | |
2019-04 | 2.0% | 2.0% | 0.9% | 2.0% | 1.9% | 1.3% | 1.1% | 1.7% | |
2019-05 | 1.8% | 1.9% | 0.7% | 2.4% | 1.4% | 0.9% | 0.8% | 1.5% | |
2019-06 | 1.6% | 1.9% | 0.6% | 2.0% | 1.6% | 1.2% | 0.7% | 1.4% | |
2019-07 | 1.8% | 2.0% | 0.6% | 2.0% | 1.6% | 1.1% | 0.4% | 1.4% | |
2019-08 | 1.7% | 1.7% | 0.2% | 1.9% | 1.4% | 1.0% | 0.4% | 1.3% | |
2019-09 | 1.7% | 1.7% | 0.2% | 1.9% | 1.2% | 0.9% | 0.3% | 1.2% | |
2019-10 | 1.8% | 1.5% | 0.2% | 1.9% | 1.1% | 0.8% | 0.2% | 1.2% | |
2019-11 | 2.1% | 1.5% | 0.5% | 2.2% | 1.0% | 1.0% | 0.2% | 1.4% | |
2019-12 | 2.3% | 1.3% | 0.8% | 2.2% | 1.5% | 1.5% | 0.5% | 1.7% | |
2020-01 | 2.5% | 1.8% | 0.8% | 2.4% | 2.1% | 1.5% | 0.5% | 1.8% | |
2020-02 | 2.3% | 1.7% | 0.6% | 2.2% | 2.0% | 1.4% | 0.3% | 1.6% | |
2020-03 | 1.5% | 1.5% | 0.6% | 0.9% | 1.8% | 0.7% | 0.1% | 1.1% | |
2020-04 | 0.3% | 0.9% | 0.2% | -0.2% | 1.0% | 0.3% | 0.0% | 0.3% | |
2020-05 | 0.1% | 0.6% | 0.1% | -0.4% | 0.8% | 0.4% | -0.2% | 0.1% | |
2020-06 | 0.6% | 0.8% | 0.1% | 0.7% | 0.6% | 0.2% | -0.2% | 0.4% | |
2020-07 | 1.0% | 1.1% | 0.2% | 0.1% | -0.6% | 0.8% | -0.4% | 0.6% | |
2020-08 | 1.3% | 0.5% | 0.1% | 0.1% | -0.5% | 0.2% | -0.5% | 0.6% | |
2020-09 | 1.4% | 0.7% | -0.2% | 0.5% | -0.5% | 0.0% | -0.6% | 0.6% | |
2020-10 | 1.2% | 0.8% | -0.6% | 0.7% | -0.3% | 0.0% | -0.3% | 0.5% | |
2020-11 | 1.2% | 0.6% | -1.0% | 1.0% | 0.2% | 0.2% | -0.2% | 0.4% | |
2020-12 | 1.4% | 0.8% | -1.2% | 0.7% | -0.2% | 0.0% | -0.2% | 0.5% | |
2021-01 | 1.4% | 0.9% | -0.7% | 1.0% | 1.2% | 0.6% | 0.4% | 0.9% | |
2021-02 | 1.7% | 0.7% | -0.5% | 1.1% | 1.5% | 0.6% | 0.6% | 1.1% | |
2021-03 | 2.6% | 1.0% | -0.4% | 2.2% | 1.8% | 1.1% | 0.8% | 1.7% | |
2021-04 | 4.2% | 1.7% | -1.1% | 3.4% | 2.0% | 1.2% | 1.1% | 2.6% | |
2021-05 | 5.0% | 2.2% | -0.7% | 3.6% | 2.2% | 1.4% | 1.3% | 3.1% | |
2021-06 | 5.4% | 2.4% | -0.4% | 3.1% | 2.4% | 1.5% | 1.3% | 3.2% | |
2021-07 | 5.4% | 2.0% | -0.3% | 3.7% | 3.7% | 1.2% | 1.9% | 3.3% | |
2021-08 | 5.3% | 3.0% | -0.4% | 4.1% | 3.8% | 1.9% | 2.0% | 3.6% | |
2021-09 | 5.4% | 2.9% | 0.2% | 4.4% | 4.1% | 2.2% | 2.5% | 3.8% | |
2021-10 | 6.2% | 3.8% | 0.1% | 4.7% | 4.4% | 2.6% | 3.0% | 4.4% | |
2021-11 | 6.8% | 4.6% | 0.6% | 4.7% | 4.8% | 2.8% | 3.7% | 5.0% | |
2021-12 | 7.0% | 4.8% | 0.8% | 4.8% | 4.9% | 2.8% | 3.9% | 5.2% | |
2022-01 | 7.5% | 4.8% | 0.5% | 5.1% | 4.2% | 2.9% | 4.8% | 5.6% | |
2022-02 | 7.9% | 5.5% | 0.9% | 5.7% | 4.3% | 3.6% | 5.7% | 6.1% | |
2022-03 | 8.5% | 6.2% | 1.2% | 6.7% | 5.9% | 4.5% | 6.5% | 7.0% | |
2022-04 | 8.3% | 7.8% | 2.4% | 6.8% | 6.3% | 4.8% | 6.0% | 7.1% | |
2022-05 | 8.6% | 7.8% | 2.4% | 7.7% | 7.0% | 5.2% | 6.8% | 7.5% | |
2022-06 | 9.1% | 8.2% | 2.3% | 8.1% | 6.7% | 5.8% | 8.0% | 8.0% | |
2022-07 | 8.5% | 8.8% | 2.6% | 7.6% | 6.7% | 6.1% | 7.9% | 7.8% | |
2022-08 | 8.3% | 8.7% | 3.0% | 7.0% | 7.0% | 5.9% | 8.4% | 7.8% | |
2022-09 | 8.2% | 8.8% | 3.0% | 6.9% | 8.6% | 5.6% | 8.9% | 8.0% | |
2022-10 | 7.7% | 9.6% | 3.8% | 6.9% | 8.8% | 6.2% | 11.8% | 8.0% | |
2022-11 | 7.1% | 9.4% | 3.8% | 6.8% | 8.8% | 6.2% | 11.8% | 7.6% | |
2022-12 | 6.5% | 9.2% | 4.0% | 6.3% | 8.1% | 5.9% | 11.6% | 7.1% | |
2023-01 | 6.4% | 8.9% | 4.4% | 5.9% | 8.7% | 6.0% | 10.0% | 7.0% | |
2023-02 | 6.0% | 9.2% | 3.3% | 5.2% | 8.7% | 6.3% | 9.1% | 6.6% | |
2023-03 | 5.0% | 8.8% | 3.3% | 4.3% | 7.4% | 5.7% | 7.6% | 5.6% | |
2023-04 | 4.9% | 7.8% | 3.5% | 4.4% | 7.2% | 5.9% | 8.2% | 5.5% | |
2023-05 | 4.0% | 7.9% | 3.2% | 3.4% | 6.1% | 5.1% | 7.6% | 4.8% | |
2023-06 | 3.0% | 7.4% | 3.3% | 2.8% | 6.4% | 4.5% | 6.4% | 4.1% | |
2023-07 | 3.2% | 6.4% | 3.3% | 3.3% | 6.2% | 4.3% | 5.9% | 4.0% | |
2023-08 | 3.7% | 6.2% | 3.1% | 4.0% | 6.1% | 4.9% | 5.4% | 4.2% | |
2023-09 | 3.7% | 6.4% | 3.0% | 3.8% | 4.5% | 4.9% | 5.3% | 4.0% | |
2023-10 | 3.2% | 4.7% | 3.3% | 3.1% | 3.8% | 4.0% | 1.7% | 3.3% | |
2023-11 | 3.1% | 4.2% | 2.9% | 3.1% | 3.2% | 3.5% | 0.7% | 3.0% | |
2023-12 | 3.4% | 4.2% | 2.6% | 3.4% | 3.7% | 3.7% | 0.6% | 3.2% |