Inflation is dropping across the globe with the US being one of the top 10 countries which has seen the Consumer Price Index (CPI) rate fall substantially.
As it stands, the CPI inflation in the US is at three percent but other countries have even lower rates.
In comparison, the CPI inflation rate in the UK rose by 6.8 percent in July 2023 which is more than double that in the US.
Central banks, from the Federal Reserve to the Bank of England, have raised interest rates to mitigate the damage of rampant inflation on the economy.
For some nations, this action appears to be working as economics return to some sort of semblance prior to the pandemic.
Here is a breakdown of the top 10 countries with the lowest inflation rate, as compiled by Utility Bidder:
|
Rank |
Country |
Inflation Rate |
|
One |
Switzerland |
1.7 percent |
|
Two |
Greece |
1.8 percent |
|
Three |
Spain |
1.9 percent |
|
Four |
Denmark |
2.5 percent |
|
Five |
South Korea |
2.7 percent |
|
Six |
Canada |
2.8 percent |
|
Seven |
United States |
Three percent |
|
Eight |
Luxembourg |
3.2 percent |
|
Nine |
Japan |
3.3 percent |
|
Ten |
Portugal |
3.4 percent |
Despite signs of inflation improving across the globe, Utility Bidder warned that the cost of living crisis remains a dire issue for many nations.
They explained: “From business electricity suppliers to consumers, it is more important than ever to be cautious when spending money.
“Even though it may feel like the cost of living is showing no signs of slowing down, the UK saw a drop of 8.7 percent in the consumer price inflation rate earlier this year – a 13-month low.
“Bearing this in mind, we wanted to find out which products and services are rising the most in price and reveal which countries are responsible for the highest inflation rates as of 2023.”
According to Utility Bidder’s research, Switzerland has the lowest CPI inflation rate in the world, followed by Greece and Spain.
Over the past year, the cost of food and non-alcoholic beverages has seen a 17.37 percent which is more than any other service.
In comparison, the inflation rate rise for restaurants/hotels and communication is 9.52 percent and 9.29 percent, respectively.
Based on the research, the inflation rate for transport services is lower than any other product as it has dropped 1.68 percent since 2022.
