Producer Price Index/Wholesale Price Index Inflation worldwide 2019-2024

In August 2024, the global producer price index (PPI)/ wholesale price index inflation (WPI), excluding the U.S., stood at 174.01. In the United States, the index value amounted to 165.3. The PPI/WPI inflation tracks changes in the level of prices received by domestic producers for their goods and services.

Consumer habits and price increases

As of August 2024, consumers considered rising prices and inflation to be their biggest worry. Consumers are expressing this worry in numerous ways. Globally, over 20 percent of consumers have said they would shop less and seek cheaper options in response to price increases. Moreover, nearly 70 percent of surveyed consumers globally reduced their gift giving to extended family and friends during the holiday season in 2023 to stretch their budgets further.

Impact of inflation on emerging economies

Notably, emerging economies have a higher WPI value than advanced economies. Between 2021 and 2022, the average inflation rate in developing and emerging economies increased from 5.9 percent to 9.8 percent, before falling slightly to 8.34 percent in 2023. The countries with the highest inflation rates in 2023 include many developing and emerging economies, such as Zimbabwe, Argentina, Turkey, and Suriname.