5 Countries With Soaring Inflation Higher Than India

Today, it is an undeniable fact that India is undergoing high inflation rate. The Indian economy though Asia's third-largest, faces a complicated situation where growth has slowed to a decade low but prices are still soaring high. It has indeed one of the highest inflation rates in the world, and the highest in Asia.

1. Venezuela

  • Latest reported inflation rate: 61.50 percent

  • GDP (purchasing power parity): $407.4 billion

  • Budget deficit: -9.8% of GDP

For many years, the South American country Venezuela has been suffering from high inflation rates. Per year, the figure has been increasing between 25 and 30 percent. Inflation has continued to ire the masses irrespective of its GDP growth.

In the beginning of this year, the annual inflation rate rose to 57.3 percent an now to 61.50 percent. As such, the government curbed price rise like the cost of foods and essential commodities. In some cases, prices have been frozen for years, leading businesses into poor maintenance, causing the inability to hire many more workers, and driving some to bankruptcy.

At times, the Venezuelan government tries to meet shortages by importing food. Despite all this, Venezuela still has a major source of income from oil, much of which it sells to the United States.

2. Syria

  • Latest reported inflation rate: 49.50 percent

  • GDP (purchasing power parity): $107.6 billion

  • Budget deficit: -8 per cent of GDP

A Western Asian country, Syria with an inflation rate of 49.50 percent, is among the nation with a very high inflation. The main cause for the inflation in this country is the crisis experienced by the effects on the national economy, chiefly the shutdown of many establishments, shortage in the quantities of goods and their rising prices.

The difficulty of transportation and the increase in its costs, increasing prices of oil derivatives, the devaluation of the pound and the economic sanctions imposed by most world countries on Syria also some of the factor attributing in the rise of inflation. In addition, the Syrian conflict that has been growing in intensity led to high inflation.

3. Sudan

  • Latest reported inflation rate: 37.70 percent

  • GDP (purchasing power parity): $89.97 billion

  • Budget deficit: -4.4 per cent of GDP

An Arab republic in the Nile Valley of North Africa, Sudan once home to numerous ancient civilizations. But today, this nation is also inflicted with the problem of high inflation soaring year by year. As per the report by Sudan Central Bureau of Statistics, the inflation rate, as of early 2014 was recorded at 37.70 percent. Inflation Rate in Sudan averaged 31.67 percent from 1971 until 2014, reaching an all time high of 181.50 percent in December of 1993.

Apart from hydrocarbon sector, economic development is very much limited because of the ongoing instability in this nation. On top of that, attempts to develop and expand the economy are limited because of a lack of basic institutional capacity. All these in a way contributed to the high inflation rate.

4. Iran

  • Latest reported inflation rate: 19.70 percent

  • GDP (purchasing power parity): $987.1 billion

  • Budget deficit: -4.5 per cent of GDP

In Iran, Inflation has been rising almost on a monthly basis, now hitting a high inflation rate of 19.70 percent.

It is the middle-class Iranians who suffered the most as they pushed into poverty due to high rates in consumer prices. Wages are hardly keeping pace with the fast inflation growth, and oil sanctions have curbed opportunities in the country of 77 million populations.

According to 'Cost of Living Survey,' foods and drinks have experienced a price rise of about 50 percent. The highest increase is for the category of tobacco products, which have seen a price surge of 80 percent. Clothing and housing, two other significant groups in household economics, have experienced a price inflation of 35 percent and 18 percent, respectively.

5. Belarus

  • Latest reported inflation rate: 17.20 percent

  • GDP (purchasing power parity): $150.4 billion

  • Budget deficit: -0.2 per cent of GDP

The eastern European country, Belarus has reported high inflation rate over a decade now. In 2011, this country witnesses an outbreak of financial crisis due to the government directed salary hikes unsupported by productivity trends.
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