Inflation rates in G7 countries 2023, by commodity group

The rising inflation worldwide in 2022 and 2023 is reflected in the increasing prices of the different commodity groups in the G7 countries. Most notably, the price of food and non-alcoholic beverages was high in the final quarter of 2023, with price increases reaching nine percent in the United Kingdom and 8.4 percent in Japan compared to the same period in 2022. On the other hand, gas and electricity prices started to stabilize in 2023, reflected in negative gas and electricity inflation rates in Italy, the UK, and Japan following extremely high rates in 2022. Inflation rates increased sharply all around the world through 2022 and the beginning of 2023, spurred by Russia's invasion of Ukraine in February that year.