The U.S. is not the only country contending with increasing prices that are squeezing household budgets—countries around the world are also grappling with inflation, and in most cases it’s worse.
The Federal Reserve is widely expected to raise its benchmark interest rate again Wednesday, the latest move in its year-long effort to tame consumer price increases running at 6% a year as of the latest data. Other central banks around the world are facing similar problems. On Tuesday, inflation in the U.K. came in hotter than economists had anticipated, rising to a 10.4% annual reading in February from 10.1% in January, the British government said Wednesday.
The map below shows the inflation rates in most of the world’s biggest economies, those of the G20.
Britain’s high inflation puts more pressure on the Bank of England to raise its benchmark interest rate at its next meeting on Thursday, economists said—a reminder of the global nature of the cost-of-living pressure. Central banks in advanced economies around the world, similar to the Fed, are expected to continue to raise interest despite mounting recession risks, economists at J.P. Morgan said in a commentary.