Inflation in Indonesia is Relatively Low: Countries with Inflation Rates Exceeding 50% as of June 2022

The global surge in food and energy commodity prices has triggered high inflation in many countries. Indonesia itself experienced annual inflation of 4.35% (year-on-year/yoy) in June 2022, the highest in the last five years.

However, Indonesia's inflation rate is relatively low compared to other countries.

Many countries are experiencing inflation soaring above 50%, even reaching 200%, due to various conditions, ranging from social conflict, unrest, war, to currency depreciation against the US dollar.

Several countries experiencing high inflation have also significantly raised their central bank's benchmark interest rates, far exceeding Indonesia's interest rate, which remains at 3.5%.

For comparison, in May 2022, Lebanon experienced annual inflation of 211% (yoy), with its central bank's interest rate remaining at 7.75%.

Sudan recorded inflation of 192% (yoy) in May 2022, with a benchmark interest rate of 23.8% as of April 2022.

Zimbabwe's inflation also reached 192% (yoy) in June 2022, with an interest rate of 200% in the same month.

Venezuela also experienced inflation reaching 167% (yoy) in May 2022, with a central bank interest rate of 56.18% as of March 2022.

Meanwhile, Turkey's inflation was 78.62% (yoy) in June 2022, and its interest rate was 14% in the same month.

Following that, Argentina had annual inflation of 64% (yoy) and a benchmark interest rate of 52%, followed by Suriname with inflation of 59.8% (yoy) in April 2022 and a central bank interest rate of 10% as of May 2022.

Sri Lanka's inflation reached 54.6% (yoy) in June 2022 with an interest rate of 14.5% as of July 2022, and Iran's inflation reached 52.5% (yoy) in June 2022 with a benchmark interest rate of 18% as of May 2022.