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India remains at the top of the world’s top 12 countries amid the ever-increasing challenge on the inflation front. Retail inflation in India remained above 7 per cent in June, while it was lower in 12 major countries. Talking about these countries, retail inflation in Saudi Arabia has been 2.3 percent on an annual basis. In China it is 2.5 percent while in Japan it has been at the same level. It is 3.4 per cent in Switzerland and 4.4 per cent in Indonesia. Central banks around the world are constantly taking measures to contain inflation. They want to pressurize demand by raising interest rates. Despite this, inflation levels in all countries have remained above their target so far.
Highest inflation in Venezuela
The rate of inflation is highest in Venezuela which is 167 percent. It is followed by Turkey at 78.6 per cent, Argentina 64 per cent, Russia 15.9 per cent and Poland 15.5 per cent. Inflation rate remains at 11.9 percent in Brazil and 10.2 percent in Spain.
In the US too, inflation exceeds nine percent
America is also affected by the heat of inflation. Here the inflation rate is 9.1 percent. Whereas in the UK it is 9.4 percent. Inflation is 9.1 per cent in Ireland, 8.7-8.7 in Portugal and Sweden, 8.6 in the Netherlands, 8.6 in the Eurozone and 8.1 per cent in Canada. Inflation in Italy and Mexico is 8-8 per cent.
Inflation above seven percent even in the happiest country
Finland, considered the happiest country, has an inflation rate of 7.8 percent. Inflation rate is 7.7 percent in Thailand, 7.6 percent in Germany, 7.4 percent in South Africa and 7.3 percent in New Zealand. To deal with these high rates, many countries have made sudden sharp hikes in rates since March this year. India had surprised everyone by suddenly increasing the rates by 0.5 per cent in May without due time. Whereas in June it had increased by 0.40 per cent in its meeting. Rates were increased for the first time in the last four years.
Repo rate target of 6 percent by December
RBI aims to take the repo rate above 6 per cent by December from 4.90 per cent now. Similarly, the US has set a target of taking rates to 3.4 per cent this year from 1.50 per cent now. Rates have been increased 3 times since March. America has increased this for the first time in 28 years. Earlier in 1994, it had increased the rates.
|South Korea||6.00 percent|