How America's Soaring Inflation Rates Stack Against Other Countries

The U.S. reported an increase in its consumer price index on Wednesday, which is often used as a metric for the nation's inflation rate, but some have questioned how the nation's current inflation rate stacks up to other nations across the globe.

According to data from the U.S Bureau of Labor Statistics, the consumer price index in the U.S. rose to 9.1 percent in June, topping last month's 8.6 percent, which was the highest in over 40 years.

On Tuesday, President Joe Biden said that the nation's rising inflation rate is a result of the ongoing war in Ukraine, but claimed the U.S. has "the lowest rate of almost every major nation in the world."

While the most recent data released by the Bureau of Labor Statistics shows the U.S.'s consumer price index in June, some other nations across the globe have yet to release updated data.

Inflation
The U.S. Bureau of Labor Statistics reported that the consumer price index rose to 9.1 percent in June. Above, White House press secretary Karine Jean-Pierre talks about the upcoming Consumer Price Index report and inflation at the White House on July 11, in Washington, D.C. Chip Somodevilla/Getty

The Organization for Economic Cooperation and Development states that "Inflation measured by consumer price index (CPI) is defined as the change in the prices of a basket of goods and services that are typically purchased by specific groups of households."

According to data released by Eurostat, the statistical office of the European Union, "Euro area annual inflation is expected to be 8.6% in June 2022, up from 8.1% in May."

"Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in June (41.9%, compared with 39.1% in May), followed by food, alcohol & tobacco (8.9%, compared with 7.5% in May), non-energy industrial goods (4.3%, compared with 4.2% in May) and services (3.4%, compared with 3.5% in May)," Eurostat said in a news release on July 1.

In May, the United Kingdom's Office of National Statistics reported that its consumer price index rose to 9.1 percent in May.

According to data from Statistics Canada, the nation's consumer price index as of May was listed at 7.7 percent, which was lower than the U.S.'s rate in May of 8.6 percent.

In India, the nation's retail inflation rate in June was 7.01 percent, according to The Indian Express, citing data from India's National Statistical Office. The 7.01 percent retail inflation rate was a decrease from the 7.04 percent recorded the month prior.

According to the South China Morning Post, in May, China's consumer price index reached 2.1 percent in May when compared to a year earlier.

Amid the increasing inflation rate in the U.S. some experts have warned of a possible recession in the coming months. However, Biden has continued to point to the ongoing war in Ukraine with Russia as one of the main reasons for the rising inflation rate.

Data from the Bureau of Labor Statistics showed the percentage change in price across a number of different items, such as fuel, food and electricity. According to the data, food index prices rose by 10.4 percent over the past year, while gasoline prices rose by nearly 60 percent during the same time period.