Inflation in a year
If we talk about last year, Turkey was the most affected by inflation. Inflation in this country rose by 48% between July last year and July this year. This is the highest among G-20 countries. India comes second in this list with 7.5%. The average of three other G-20 countries, Britain, Germany and Italy, was above the group average of 5.8%. Argentina, Australia, Japan and Russia are not included here because their data is not regular. The European Union was also excluded because the group’s largest member is already included. In the remaining ten G-20 member countries, inflation was below the average of 5.8%. This emerges from OECD data. The OECD collects data from its 38 member countries and other groups such as the G-20.
Inflation in three years
If we look at inflation between July 2020 and July 2023, Turkey is number one here too. During this period, inflation in the country increased by 216%. Great Britain and Brazil follow Turkey. During this period, inflation rose by 24.8% in Brazil and 20% in the United Kingdom. Average inflation in the G-20 countries was 20.8% over the last three years. During this period, inflation rose by more than 18% in Mexico, India, Germany, South Africa and America. During this period, the pace of inflation growth was slowest in South Korea, Indonesia, Saudi Arabia and China.
Inflation in five years
If you look at the inflation figures for five years, Turkey is also in first place with an increase of 312%. During this period, inflation in developed countries remained below the group average. Over the last five years, the average inflation rate in the G-20 countries was 28.1%. During this period, India was second with 33.7% and Brazil was third with 31.7%. Inflation in Mexico has increased by 28.9% over the last five years.
Inflation in ten years
If you look at the inflation figures for the last ten years, Turkey is also in first place here. Inflation in this country rose by 566.8% during this period. Brazil and India come second and third on this list. In both countries, inflation has risen by more than 70% over the past decade. Inflation in South Africa and Mexico was also above the average for the G-20 countries. Over the past decade, inflation in the G-20 countries has risen by an average of 45.6%. During this period, prices remained more or less stable in developed countries, but inflation was lowest in Korea, China and Saudi Arabia.
