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The inflation rate for both Africa, the Middle East, and Latin America and the Caribbean reached more than 12 percent in 2023. Among the provided continents or regions, Asia and the Pacific had the lowest inflation rate that year. Consumer prices increased around the world following the COVID-19 pandemic and the Russian invasion of Ukraine.

Inflation and food security

Increases in food costs are one of the most prominent impacts of inflation globally. In the United Kingdom, for example, consumers have indicated that they have worried more about food costs in 2023 than in previous years. Meanwhile, in Canada, only a small fraction of survey respondents have said that inflation has had little impact on household food costs. Consumers have responded to rising food costs through various coping mechanisms. For example, Italian consumers have indicated that they purchase less unnecessary products, cut down on waste, and buy more discounted items in order to save costs.

Changing consumer behvaiors

Outside of food consumption, consumers have changed their purchasing behaviors with other types of goods and services. Surveying has indicated that nearly 60 percent of consumers have adjusted their shopping habits due to inflation. When holiday shopping in 2023, over 50 percent of Americans and over one third of British consumers said inflation had considerable impact on their holiday shopping. By generation, the Millenial generation has suffered the most due to rising inflation, while older generations have experienced less serious impacts.

Annual inflation rate for consumer prices worldwide from 2000 to 2023, by region or continent (with a forecast until 2025)

Characteristic	Worldwide	Asia and Pacific	Europe	North America	Africa	Middle East	Latin America and the Caribbean
2025*	4.5%	4.3%	2.7%	2.1%	14.4%	9.2%	7.7%
2024*	5.9%	5%	3.4%	3%	18.4%	10.7%	16.7%
2023	6.8%	5.1%	6.3%	4.2%	18.2%	12.5%	14.4%
2022	8.7%	6.6%	9.9%	7.9%	14.2%	13.9%	14%
2021	4.7%	3%	3.5%	4.7%	12.7%	12.1%	9.8%
2020	3.2%	3.2%	1.1%	1.4%	10.5%	9.8%	6.4%
2019	3.5%	3.4%	2%	2%	8.9%	6.3%	7.6%
2018	3.6%	3.1%	2.2%	2.7%	11.2%	8.3%	6.6%
2017	3.3%	2.7%	2.2%	2.5%	12.6%	2.9%	6.3%
2016	2.7%	2.6%	1.5%	1.4%	9.8%	3.5%	5.5%
2015	2.7%	2.6%	2.9%	0.5%	7.4%	4%	5.4%
2014	3.2%	3.6%	2%	1.9%	7.1%	5.2%	4.9%
2013	3.6%	4%	2.4%	1.7%	6.6%	9.7%	4.6%
2012	4.1%	4.1%	3.2%	2.2%	9%	9.3%	4.6%
2011	5%	5.3%	4.2%	3.1%	8.9%	8.4%	5.2%
2010	3.7%	4.2%	2.8%	1.9%	7.6%	5.4%	4.2%
2009	2.7%	2.8%	2.8%	0.3%	9.4%	3.7%	4.6%
2008	6.4%	6.7%	5.6%	3.9%	11%	12.9%	6.4%
2007	4.3%	4.4%	3.5%	2.9%	6.3%	11.5%	4.2%
2006	4.1%	3.9%	3.5%	3.2%	5.7%	9.9%	4.2%
2005	4%	3.4%	3.9%	3.4%	7.4%	7.2%	5.4%
2004	3.8%	3.4%	3.6%	2.8%	7.5%	6.2%	6.1%
2003	3.9%	3.1%	3.7%	2.6%	7.6%	6%	9.2%
2002	3.7%	3.3%	4.1%	2%	7.1%	6%	6.5%
2001	4.6%	4%	5.5%	3.1%	8.2%	3.8%	7%
2000	4.9%	3.6%	5.8%	4%	9.4%	3.6%	8.9%