Australian inflation rate compared to China, New Zealand, UK, US, Germany, Spain, Brazil, Turkey and Lebanon


Australia may be facing record inflation, but that’s nothing compared to some countries, as New Zealand is mired in cost-of-living misery – while China watches smugly.

Prices are soaring as the nation watches a perfect Covid storm and spiraling fuel and electricity bills as flood-ravaged farmland sees food prices soar.

The battle against inflation is being fought globally – and although Australia is suffering, the 5.1% inflation rate here is still among the best in the world.

Australia may be facing record inflation, but that’s nothing compared to some countries, as New Zealand is mired in cost-of-living misery – while China watches smugly

China has so far emerged almost unscathed while most other countries are suffering a hangover from Covid stimulus packages that have overheated the global economy.

In New Zealand, inflation is currently at 6.9% and has brought some families to the brink of starvation as they struggle to cope with soaring prices.

Kiwis actually pay 25% more for essential foods than Australians, comparison website Finder found this week.

They bought a basket of identical household items from Woolworths in Australia and their New Zealand chain Countdown which revealed the alarming difference.

Kiwis actually pay 25% more for essential foods than Australians, comparison website Finder found this week

Kiwis actually pay 25% more for essential foods than Australians, comparison website Finder found this week

Homes in Auckland now cost 11.7% less, according to the latest sales figures, and it's even worse in the capital Wellington where prices have fallen by 13.5%.

Homes in Auckland now cost 11.7% less, according to the latest sales figures, and it’s even worse in the capital Wellington where prices have fallen by 13.5%.

The family shop was NZ$97 in Australia, but NZ$121 in New Zealand.

Two-thirds of the price difference comes from the 15% GST on all food in New Zealand, which is GST-free in Australia.

But Kiwis are still paying 9% more than Australians for the same products – and with prices rising even further, the situation is getting even worse for families.

New Zealand’s 30-year high rate of inflation has caused many to take extreme measures, including using water spray in the bathroom instead of toilet paper and eating garden snails .

“We fed them oatmeal for a while to flush out all their poo, then we cooked them with garlic. Chewy but good,’ Kate Todd told stuff.co.nz.

Others say they completely lack meals to be able to feed their children.

“On a bad week, sometimes I don’t eat at all just so there’s enough for the kids,” one mother told researchers for an article on food insecurity in the Journal of the Royal Society. of New Zealand.

Another revealed how her family relied on donations to survive.

“If it hadn’t been for these food parcels, the children wouldn’t have eaten for about a week,” she told researchers.

The cost of living crisis has also led to a fall in property prices in New Zealand.

Homes in Auckland now cost 11.7% less, according to the latest sales figures, and it’s even worse in the capital Wellington where prices have fallen by 13.5%.

The fall was fueled in part by rising interest rates, but also by Prime Minister Jacinda Ardern’s decision to halt the negative gearing on new purchases and phase it out altogether by March 2025.

Despite being the original source of Covid, China has kept inflation close to the world best of 2.5%, second only to Saudi G20 countries which top 2.3%.

But despite having kept inflation under control, Beijing now faces an embarrassing and damaging recession and the end of its much-vaunted “economic miracle”.

The communist superpower saw a dramatic drop in GDP after the massive Covid shutdowns in Shanghai devastated production lines and exports.

On Friday, China admitted that its GDP fell 2.6% last quarter and grew only 0.4% year-on-year, compared to previous annual growth of 5-6%.

Unless output rebounds in the next quarter, it will send the country into a technical recession, ending decades of meteoric growth since 1976.

China has seen a dramatic fall in GDP after massive Covid shutdowns in Shanghai that devastated production chains and exports

China has seen a dramatic fall in GDP after massive Covid shutdowns in Shanghai that devastated production chains and exports

In Australia, the current The high 20-year inflation rate of 5.1% is expected to worsen when the latest figure is released on July 27, possibly reaching 6.3%.

In a double whammy, runaway inflation is driving up interest rates, adding hundreds of dollars to mortgage payments for families across the country, while wages lag and the cost of living rises sharply.

But among G20 nations, Australia’s inflation rate still ranks sixth, well ahead of struggling allies like the US and UK, both at 9.1%, with even the German economic superpower at 7.6%.

Spain and Brazil are both facing double-digit inflation of 10.2 and 11.98%, while Russian inflation has skyrocketed to 15.9% following its war on Ukraine.

Spain and Brazil are both facing double-digit inflation of 10.2 and 11.98%, while Russian inflation has skyrocketed to 15.9% following its war on Ukraine.

Spain and Brazil are both facing double-digit inflation of 10.2 and 11.98%, while Russian inflation has skyrocketed to 15.9% following its war on Ukraine.

But Turkey – formerly known as Turkey – is devastated by the current financial crisis, with inflation now running at a staggering 78.62%, even worse than Argentina’s 64%.

Super-inflation escalated after Turkish President Recep Erdogan raised the minimum wage by almost a third, from $254 to $328, giving 40% of the workforce a massive pay raise.

The opposition party says the real interest rate is actually double the official figure, and analysts warn the country’s economy could be doomed.

“Nobody really believes official Turkish data anymore,” economist Timothy Ash of BlueBay Asset Management tweeted earlier this month.

“There is no expectation of anything like a credible political response.”

A plummeting economy saw the Sri Lankan government rise in a popular uprising this week as inflation hit 54.6% and the country ran out of money and fuel

A plummeting economy saw the Sri Lankan government rise in a popular uprising this week as inflation hit 54.6% and the country ran out of money and fuel

A similar slump in the economy saw the Sri Lankan government swing into a popular uprising this week as inflation hit 54.6% and the country ran out of money and fuel.

Elsewhere in the world, Lebanon is currently experiencing the worst inflation in the world as the economy collapses under a 211% price hike.

Zimbabwe and Sudan have the second worst at 192%, but neighboring South Sudan has the lowest inflation rate in the world at minus 4.29%, although this figure conceals a stagnant economy in crisis.

Venezuela at 167% after nine years of hyperinflation and civil war-torn Syria with an inflation rate of 139% complete the bottom five under Turkey.

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