Monthly inflation rates in developed and emerging countries 2021-2023

Of the major developed and emerging economies, China was the country with the lowest inflation rate in April 2023, with 0.1 percent (compared to the same month of the previous year). On the other end of the spectrum, the inflation rate in Italy stood at over eight percent in the same month. Russia's inflation rate increased sharply after the country's President, Vladimir Putin, decided to invade Ukraine and remained high since, but dropped to two percent in April 2023, signaling that the Russian economy is recovering in spite of sanctions from Western countries.

The rate of inflation reflects changes in the cost of a specified basket containing a representative selection of goods and services. It is derived from the consumer price index (CPI).