How UK inflation compares to Europe and the rest of the world

Inflation in the UK rose to 2.6 per cent in the year to November, according to figures released on Wednesday.

The Consumer Prices Index (CPI) measure of inflation is now higher than typical across the European Union, where the average sits at 2.3 per cent.

But many major countries have far higher inflation rates than the UK.

The highest in the world can be found in Argentina, where despite falls recently, the rate of price rises still sits at 166 per cent.

In Turkey, it sits at 47 per cent, and in Russia, it is 8.9 per cent.

Inflation is also higher in the US than it is in the UK. There it sits slightly higher at 2.7 per cent.

Below, we run through how the UK’s inflation figures sit globally.

Inflation across Europe

Across the European Union and the Euro Area, inflation sits at an average of 2.3 per cent.

Inflation is also very low in some parts of Europe. In Switzerland for example it sits at just 0.7 per cent, which was actually a climb from 0.6 per cent in its October reading.

The increase in prices was the lowest level since July 2021, and reflected cheaper food, clothing and household goods.

It is higher in Russia, Ukraine and Eastern Europe though, where there is an ongoing war.

Ukraine’s inflation figure is 11.2 per cent. “This year’s hot summer and fall with long dry spells had an adverse effect on the crop yields, ripening times, quality, and supply of a number of vegetables and fruits,” according to the country’s national bank.

Inflation in the G7

The G7 is an informal group of advanced economies that meet to discuss international economic development and security issues.

The countries involved are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

The UK has the second highest inflation rate among these economies, behind the United States – though Japan’s latest figure is for October, with its November number released later this month.

Within these regions, Italy and France have the joint lowest rate of 1.3 per cent.