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Though the latest U.S. inflation report didn’t break records like the month prior, it’s clear that high prices are sticking around for a while. The Consumer Price Index (CPI), which measures price changes and is a key indicator of inflation, showed that in July, prices were 8.5% higher than they were twelve months ago.
Americans are feeling the pinch as soon as they wake up. Everything from food to gas prices has increased in cost.
But they aren’t the only ones hurt by high prices. Inflation is impacting countries around the globe, illustrating how connected we are—and how high prices have wide-ranging effects.
Inflation Rates by Country
It’s important to note that each country calculates its inflation rate a bit differently and regional circumstances can also affect the rate. A 10% inflation rate in the U.S., for instance, isn’t necessarily the same as a 10% inflation rate in Turkey.
The factors underlying inflation in each country or geographic region are complex. Government policies, fiscal and monetary interventions, interest rate changes and even extreme weather can all contribute to inflation.
For example, energy and fuel costs have been major drivers of inflation in many countries. In the United Kingdom, supply chain issues due to a cold winter and lower-than-usual availability…
