Most G20 Countries Experienced High Inflation in October 2022

Economics & Macro

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Adi Ahdiat 15/11/2022 10:00 WIB

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More than half of the G20 countries experienced annual inflation rates above 7% in October 2022.

G20 Countries' Annual Inflation (October 2022)

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Most G20 Countries Experienced High Inflation in October 2022

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G20 Countries' Annual Inflation (October 2022)

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The G20 is an international cooperation forum comprising 19 countries and the European Union. This group represents approximately 60% of the world's population, 75% of international trade, and 80% of global gross domestic product.

However, the G20 is currently facing economic pressure due to the Russia-Ukraine war, which has driven up food and energy prices and triggered high inflation.

The G20 countries experiencing the highest inflation in October 2022 were Turkey and Argentina, followed by other countries in Europe and the Americas.

Meanwhile, G20 members from the Asian region, such as Indonesia, South Korea, Saudi Arabia, Japan, and China, had relatively lower inflation, as shown in the graph.

Inflation is also one of the issues to be discussed at the G20 summit in Nusa Dua, Bali, on Tuesday (November 15, 2022).

"Global food prices have been hit by Vladimir Putin's efforts to halt Ukrainian grain exports. Energy bills have also soared as Russia turns off the gas taps. As a result, more than half of the G20 members are now experiencing inflation above 7%, and the IMF predicts that a third of the world economy will experience a recession next year," said British Prime Minister Rishi Sunak in a press release on Monday (November 14, 2022).

"The British public is feeling the pressure. Essential goods are more expensive and people are worried about their monthly bills. We will continue to provide assistance domestically, but we also need to encourage coordinated global action, as happened during the 2008 financial crisis," Sunak explained.

Similar sentiments were expressed by French Economy Minister Bruno Le Maire. "I think that the issue we need to address at the (G20) meeting is how to lower energy prices and tackle inflation," Le Maire said, as reported by Reuters on Monday (November 14, 2022).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."