5 Countries With The Highest Inflation in 2023

In this article, we will discuss the 5 countries with the highest inflation in 2023. If you want to read our discussion on the global macroeconomic environment, you can go directly to the 20 Countries With The Highest Inflation in 2023.

5. Sudan

2023 Inflation Rate = 63.3%

Sudan is a North African country that is currently in the midst of political turmoil that has caused inflation rates to skyrocket. The inflation rate in Sudan decreased to 63.30% in February from 83.60% in January of 2023.

4. Syria

2023 Inflation Rate = 79.1%

Syria is a Middle Eastern country with one of the highest inflation rates in the world. The economic downfall of Syria was worsened by inefficient government policies, civil unrest, and natural calamities in 2023.

3. Argentina

2023 Inflation Rate = 143%

Argentina, a South American country, is the first on our list to hit triple digits in inflation rates. Argentina saw an increase of almost 50 percentage points in inflation throughout the year owing to the recession.

2. Lebanon

2023 Inflation Rate = 215%

Lebanon has the highest inflation rate in the Middle East. The country recorded inflation of 215% in October 2023 and hit a peak of 268% in April.

1. Venezuela 

2023 Inflation Rate = 318%

Venezuela, a South American country, holds the record for the highest inflation rate in 2023, at 318%. Hyperinflation in Venezuela largely resulted from the excessive printing of money by the government, governmental incompetence, and challenges within the private sector.