Inflation in the US has grown at the third fastest rate during the past two years among 46 Organization for Economic Co-operation and Development and other economically important countries.
big picture: Rising prices are not just a problem in the United States. Forty-nine of the other countries analyzed by the Pew Research Center saw an increase in inflation between the third quarter of 2019 and the third quarter of this year.
- Many countries that are members of the OECD have followed a similar trend: low inflation before COVID-19, followed by flat or falling inflation amid the pandemic.
- Then, in the second and third quarters of this year, as nations began to resume normal lives, inflation began to rise, according to Pew.
By numbers: While the US has seen its inflation rate rise faster than all but two countries analyzed, its absolute annual inflation rate is the eighth highest in the group.
- And while inflation has declined since 2019, Argentina is still plagued by the highest inflation rate of any other country at 52%.
- It is followed by Turkey (19%), which saw a sharp increase in inflation compared to two years ago.
- Meanwhile, Japan has had the opposite problem – struggling to deal with prices. Just keep falling Consumer prices declined 0.2% in the quarter compared to last year.