The statistic lists the 20 countries with the highest inflation rate in 2014. In 2014, Uruguay ranked 20th with an estimated inflation rate of about 8.79 percent compared to the previous year.
Inflation in industrialized and in emerging countries
Higher inflation rates are more present in third world or developing countries, because they often lack a sufficient central bank, which in turn results in the manipulation of currency to achieve short term economic goals. Thus, interest rates increase while the general economic situation remains constant. In more industrial countries and in the prime emerging markets, such as the BRIC countries, the inflation rate remained relatively stable over the previous months, with the exception of India, which experienced a substantial improvement over a short period of time. In the European Union and the Euro area, the inflation rate has changed minimally year-over-year and is continuing to decrease. Additionally, the majority of countries that maintained the lowest inflation rate compared to previous years are primarily European, most likely as a result of economical progress with regards to the global financial crisis, which drastically affected most European countries.
Despite increases in unemployment as well as national debt, gross domestic product of all countries in the European Union and the Euro area has improved, particularly after experiencing an immense crash during the prime of the financial crisis in 2009.