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Inflation Forecast by Country
Which economies face the highest inflation in 2026?
Iran is forecast to record the highest consumer price inflation in 2026 at 78.6%, followed by Sudan at 41.3% and Argentina at 32.5%, according to the IMF October 2026 projections. The table below ranks 100 economies with GDP above $20 billion by their 2026 inflation rate. These are estimates and projections, not outturns. The top of the ranking is dominated by economies with recent currency crises, conflict, or subsidy reform. Türkiye, in fourth place at 31.2%, has a GDP of $1.8 trillion, the largest among the top five. At the other end, Germany ranks 100th with 2.7% inflation, while El Salvador and Canada sit at 2.7% and 2.8% respectively. The world inflation forecast for 2026 is 4.7%, with global growth projected at 3.1% in 2026, 3.4% in 2027, and 3.3% in 2028. The full table follows.
What is the IMF World Economic Outlook?
The World Economic Outlook (WEO) is the International Monetary Fund's flagship forecast report, published twice a year, in April and October. It gives IMF staff projections for growth, inflation, debt and other indicators for almost every country.
How it is measured. Figures for recent years are staff estimates and later years are projections that assume current policies. Each edition revises the previous one, and the IMF flags large uncertainty around its baseline. Nominal GDP in US dollars is converted at projected exchange rates.
How to read it. Treat forecasts as a central scenario, not a prediction. Compare editions to see how expectations change; rankings for 2030 are sensitive to exchange rate and growth assumptions, especially for fast-growing emerging economies.
Source: IMF World Economic Outlook. See our methodology.
Inflation Forecast by Country, October 2026
| # | Country | Inflation 2025 | Inflation 2026 | Inflation 2027 | Inflation 2028 | GDP 2026 |
|---|---|---|---|---|---|---|
| 1 | Iran | 50.60% | 78.60% | 42.00% | 38.00% | $312.0B |
| 2 | Sudan | 99.90% | 41.30% | 50.90% | 23.70% | $30.9B |
| 3 | Argentina | 41.90% | 32.50% | 21.20% | 14.80% | $768.2B |
| 4 | Türkiye | 34.90% | 31.20% | 26.50% | 20.60% | $1.82T |
| 5 | Haiti | 28.30% | 21.50% | 15.70% | 12.70% | $39.4B |
| 6 | Myanmar | 21.10% | 20.00% | 16.00% | 10.00% | $83.2B |
| 7 | Nigeria | 23.00% | 15.60% | 14.70% | 13.30% | $386.7B |
| 8 | Libya | 1.80% | 14.10% | 16.10% | 13.30% | $56.9B |
| 9 | Egypt | 20.40% | 13.30% | 14.80% | 8.90% | $442.9B |
| 10 | Bolivia, Plurinational State of | 19.50% | 12.70% | 15.80% | 8.20% | $53.8B |
| 11 | Kyrgyzstan | 8.20% | 12.70% | 14.30% | 11.90% | $26.7B |
| 12 | Mongolia | 8.60% | 11.00% | 10.70% | 8.20% | $31.1B |
| 13 | Angola | 20.20% | 10.60% | 10.20% | 11.80% | $157.3B |
| 14 | Kazakhstan | 11.40% | 10.30% | 8.20% | 7.10% | $397.9B |
| 15 | Ukraine | 12.70% | 8.90% | 8.70% | 6.70% | $229.4B |
| 16 | Bangladesh | 10.00% | 8.70% | 10.90% | 10.10% | $506.4B |
| 17 | Madagascar | 8.00% | 8.40% | 8.00% | 6.50% | $21.0B |
| 18 | Romania | 7.30% | 8.20% | 4.10% | 4.30% | $470.1B |
| 19 | Zambia | 13.90% | 8.00% | 7.50% | 7.00% | $42.4B |
| 20 | Moldova | 7.80% | 7.40% | 9.00% | 5.30% | $22.2B |
| 21 | Botswana | 2.80% | 7.20% | 7.40% | 4.40% | $22.1B |
| 22 | Pakistan | 4.50% | 7.10% | 9.90% | 7.00% | $450.1B |
| 23 | Uzbekistan | 8.80% | 6.90% | 5.70% | 5.00% | $178.2B |
| 24 | Guinea | 3.10% | 6.30% | 5.80% | 4.90% | $45.3B |
| 25 | Algeria | 1.40% | 6.20% | 3.90% | 3.90% | $331.9B |
| 26 | Russia | 8.70% | 6.10% | 4.80% | 4.00% | $2.86T |
| 27 | Colombia | 5.10% | 6.00% | 5.70% | 3.90% | $572.7B |
| 28 | Kenya | 4.10% | 6.00% | 5.00% | 5.30% | $151.2B |
| 29 | Jamaica | 3.90% | 5.90% | 5.50% | 5.10% | $23.9B |
| 30 | Azerbaijan | 5.60% | 5.80% | 5.60% | 4.80% | $89.2B |
| 31 | Cambodia | 2.50% | 5.60% | 3.10% | 2.50% | $54.2B |
| 32 | Honduras | 4.60% | 5.60% | 5.30% | 4.10% | $41.0B |
| 33 | Iceland | 4.10% | 5.60% | 3.60% | 2.40% | $42.8B |
| 34 | Mozambique | 4.40% | 5.60% | 6.80% | 5.20% | $24.8B |
| 35 | Philippines | 1.70% | 5.60% | 4.10% | 3.20% | $501.7B |
| 36 | Turkmenistan | 2.70% | 5.60% | 4.30% | 4.10% | $83.0B |
| 37 | Tunisia | 5.30% | 5.50% | 6.30% | 7.10% | $62.7B |
| 38 | Georgia | 3.90% | 5.40% | 3.60% | 3.00% | $44.1B |
| 39 | Lithuania | 3.40% | 5.40% | 3.50% | 3.00% | $104.7B |
| 40 | Sri Lanka | -0.50% | 5.30% | 5.40% | 5.00% | $110.7B |
| 41 | Belarus | 6.60% | 5.10% | 5.10% | 5.10% | $108.1B |
| 42 | Dominican Republic | 3.90% | 5.10% | 5.30% | 4.40% | $145.4B |
| 43 | Bosnia and Herzegovina | 4.00% | 5.00% | 3.30% | 2.00% | $37.3B |
| 44 | India | 2.00% | 5.00% | 4.40% | 3.90% | $4.06T |
| 45 | Bulgaria | 3.50% | 4.90% | 4.80% | 3.40% | $146.5B |
| 46 | Ghana | 14.20% | 4.80% | 7.80% | 8.00% | $128.6B |
| 47 | Papua New Guinea | 4.40% | 4.80% | 5.10% | 4.50% | $36.3B |
| 48 | Vietnam | 3.30% | 4.70% | 4.90% | 4.70% | $542.1B |
| 49 | Armenia | 3.30% | 4.60% | 3.60% | 3.20% | $33.0B |
| 50 | Croatia | 4.40% | 4.50% | 3.30% | 3.00% | $115.9B |
| 51 | United Arab Emirates | 1.30% | 4.50% | 2.50% | 2.00% | $661.0B |
| 52 | Brazil | 5.00% | 4.40% | 4.10% | 3.10% | $2.65T |
| 53 | South Africa | 3.20% | 4.40% | 3.90% | 3.30% | $489.1B |
| 54 | Congo, Democratic Republic of | 7.40% | 4.30% | 7.40% | 7.00% | $122.3B |
| 55 | Greece | 2.90% | 4.20% | 3.60% | 2.20% | $304.6B |
| 56 | Uganda | 3.60% | 4.20% | 5.30% | 4.60% | $72.2B |
| 57 | Guyana | 3.30% | 4.10% | 5.10% | 5.20% | $40.3B |
| 58 | New Zealand | 2.80% | 4.10% | 2.80% | 2.00% | $273.4B |
| 59 | Tajikistan | 3.40% | 4.10% | 4.80% | 5.00% | $21.1B |
| 60 | North Macedonia | 4.10% | 4.00% | 4.50% | 3.40% | $21.2B |
| 61 | Tanzania | 3.30% | 4.00% | 4.20% | 4.00% | $96.2B |
| 62 | Uruguay | 4.70% | 4.00% | 4.50% | 4.50% | $95.2B |
| 63 | Zimbabwe | 81.40% | 4.00% | 5.00% | 7.00% | $65.9B |
| 64 | Australia | 2.80% | 3.90% | 3.10% | 2.50% | $2.11T |
| 65 | Belgium | 3.00% | 3.80% | 2.90% | 2.10% | $772.7B |
| 66 | Mexico | 3.80% | 3.80% | 3.60% | 3.10% | $2.18T |
| 67 | Peru | 1.50% | 3.80% | 2.60% | 2.10% | $399.6B |
| 68 | Chile | 4.20% | 3.70% | 3.50% | 3.00% | $402.2B |
| 69 | Cyprus | 0.80% | 3.70% | 1.90% | 2.00% | $44.3B |
| 70 | Spain | 2.70% | 3.70% | 2.70% | 2.50% | $2.09T |
| 71 | Latvia | 3.80% | 3.60% | 3.90% | 3.30% | $53.2B |
| 72 | Qatar | 0.60% | 3.60% | 3.10% | 2.00% | $203.0B |
| 73 | Slovakia | 4.20% | 3.60% | 3.50% | 2.90% | $167.1B |
| 74 | United States | 2.70% | 3.60% | 2.80% | 2.10% | $32.64T |
| 75 | Iraq | 0.30% | 3.50% | 3.00% | 2.70% | $245.2B |
| 76 | Nicaragua | 2.10% | 3.50% | 3.20% | 3.00% | $25.4B |
| 77 | Slovenia | 2.50% | 3.50% | 2.50% | 2.20% | $88.9B |
| 78 | Cameroon | 3.50% | 3.40% | 4.30% | 3.30% | $64.8B |
| 79 | Ireland | 2.10% | 3.40% | 2.80% | 1.90% | $710.0B |
| 80 | Indonesia | 1.90% | 3.30% | 2.80% | 2.50% | $1.48T |
| 81 | Italy | 1.60% | 3.30% | 2.80% | 2.30% | $2.70T |
| 82 | United Kingdom | 3.40% | 3.30% | 2.80% | 2.00% | $4.27T |
| 83 | Albania | 2.20% | 3.20% | 3.20% | 3.00% | $32.8B |
| 84 | Norway | 3.00% | 3.20% | 2.80% | 2.30% | $651.7B |
| 85 | Oman | 1.00% | 3.20% | 2.70% | 2.20% | $121.4B |
| 86 | Poland | 3.60% | 3.20% | 2.80% | 3.90% | $1.13T |
| 87 | Portugal | 2.20% | 3.20% | 3.00% | 2.10% | $375.2B |
| 88 | Austria | 3.60% | 3.10% | 3.30% | 2.10% | $616.9B |
| 89 | Nepal | 4.10% | 3.10% | 5.80% | 5.00% | $45.6B |
| 90 | Paraguay | 4.00% | 3.10% | 3.30% | 3.50% | $64.0B |
| 91 | Puerto Rico (US) | 1.50% | 3.10% | 3.60% | 2.50% | $133.2B |
| 92 | Serbia | 3.90% | 3.10% | 4.20% | 3.10% | $111.2B |
| 93 | Estonia | 4.80% | 3.00% | 3.30% | 2.40% | $51.0B |
| 94 | Guatemala | 1.60% | 3.00% | 4.10% | 3.70% | $132.3B |
| 95 | Luxembourg | 2.50% | 3.00% | 2.60% | 2.00% | $108.3B |
| 96 | Mali | 2.30% | 3.00% | 2.50% | 2.00% | $34.9B |
| 97 | Netherlands | 3.00% | 2.90% | 2.80% | 2.60% | $1.42T |
| 98 | Canada | 2.10% | 2.80% | 2.40% | 2.00% | $2.49T |
| 99 | El Salvador | 0.30% | 2.70% | 2.10% | 1.80% | $39.4B |
| 100 | Germany | 2.30% | 2.70% | 3.10% | 2.00% | $5.47T |
Source: IMF World Economic Outlook, October 2026. Figures for 2025 and later are IMF staff estimates and projections; 100 countries shown, the European Union aggregate is excluded.
Download the full table as CSV. Cite this page: GDPIndex, “Inflation Forecast by Country”, October 2026, https://gdpindex.org/world/inflation-forecast/.
Top of the ranking: Iran and Sudan lead
Top of the ranking: Iran and Sudan lead
Iran records the highest 2026 consumer price inflation forecast in the October 2026 vintage, at 78.6%. That figure exceeds the 2025 estimate of 50.6% by 28.0 percentage points, and it sits far above the world average of 4.7% for the same year. The forecast implies a re-acceleration rather than a stabilisation: inflation is projected at 42% in 2027 and 38% in 2028. Iran's 2026 GDP is put at $312 billion, placing it among the larger economies in the top group.
Sudan ranks second, with 2026 inflation of 41.3%. This represents a sharp deceleration from the 2025 estimate of 99.9%, a fall of 58.6 percentage points in a single year. The subsequent path is not monotonic: 50.9% is forecast for 2027 before a decline to 23.7% in 2028. Sudan's 2026 GDP is $30.9 billion, the smallest of the top fifteen and roughly one tenth the size of Iran's economy. Both countries combine double-digit price growth with output bases well below the $1 trillion threshold.
Ranking structure and dispersion
The top fifteen spans a wide range of economy sizes and inflation outcomes. Argentina ranks third at 32.5% for 2026, down from 41.9% in 2025, with a 2026 GDP of $768 billion. Türkiye ranks fourth at 31.2%, from 34.9% in 2025, and is the largest economy in the group at $1.8 trillion. Haiti ranks fifth at 21.5%, with GDP of $39.4 billion. Myanmar follows at 20% and $83 billion.
- Iran: 2026 inflation 78.6%; GDP $312 billion
- Sudan: 2026 inflation 41.3%; GDP $30.9 billion
- Argentina: 2026 inflation 32.5%; GDP $768 billion
- Türkiye: 2026 inflation 31.2%; GDP $1.8 trillion
At the opposite end, Germany ranks 100th with 2026 inflation of 2.7% and GDP of $5.5 trillion. Canada ranks 98th at 2.8%, with GDP of $2.5 trillion. The gap between Iran's 78.6% and Germany's 2.7% is 75.9 percentage points across the 100 economies listed.
Spread and regional patterns
Spread and regional patterns
The 2026 inflation forecasts span a range of 75.9 percentage points, from Iran at 78.6 per cent to Germany at 2.7 per cent. Iran's projected rate is 16.7 times Germany's. The world average for 2026 is 4.7 per cent, so 14 of the 15 highest-inflation economies sit above the global figure. Among the bottom five, all but one fall below it: Germany at 2.7 per cent, El Salvador at 2.7 per cent, Canada at 2.8 per cent, the Netherlands at 2.9 per cent and Mali at 3.0 per cent.
African cluster
Africa supplies five of the top 15: Sudan at 41.3 per cent, Nigeria at 15.6 per cent, Libya at 14.1 per cent, Egypt at 13.3 per cent and Angola at 10.6 per cent. Their 2026 GDPs range from $30.9 billion for Sudan to $442.9 billion for Egypt. The dispersion within the group is 30.7 percentage points. Mali, at 3.0 per cent, sits at the opposite end of the continental distribution, 38.3 points below Sudan.
Latin American and Middle Eastern clusters
Latin America contributes Argentina at 32.5 per cent, Haiti at 21.5 per cent and Bolivia at 12.7 per cent, with 2026 GDPs of $768.2 billion, $39.4 billion and $53.8 billion respectively. The Middle East and adjacent economies include Iran at 78.6 per cent and Türkiye at 31.2 per cent, whose $1.8 trillion GDP is the largest among the top 15. Türkiye's rate is 47.4 points below Iran's despite the size difference.
Convergence and persistence
Forecast paths diverge. Sudan falls from 99.9 per cent in 2025 to 41.3 per cent in 2026, a drop of 58.6 points, then rises to 50.9 per cent in 2027. Libya moves the other way, from 1.8 per cent in 2025 to 14.1 per cent in 2026. By 2028, the top 15 range from 6.7 per cent for Ukraine to 38.0 per cent for Iran, a spread of 31.3 points against 75.9 points in 2026.
Caveats: what the ranking hides
Caveats: what the ranking hides
The table ranks 100 economies by forecast 2026 consumer price inflation, against a world average of 4.7 per cent for the same year. Position depends heavily on the reference year chosen. Sudan records 99.9 per cent in 2025, 41.3 per cent in 2026 and 50.9 per cent in 2027, so its second place reflects a single-year trough rather than a settled path. Iran shows the opposite pattern: 50.6 per cent in 2025 rising to 78.6 per cent in 2026, then falling to 42 per cent in 2027.
Base effects distort movement as much as level. Libya moves from 1.8 per cent in 2025 to 14.1 per cent in 2026, an eightfold increase from a low starting point, while remaining below Nigeria at 15.6 per cent. Türkiye, with 2026 GDP of $1.8 trillion, carries 31.2 per cent inflation and the largest nominal output in the top five. Argentina, at $768 billion, sits third on 32.5 per cent. Comparable rates in economies of very different size are treated as equivalent by rank alone.
- Coverage threshold: economies above $20 billion of 2026 GDP. Kyrgyzstan, at $26.7 billion, qualifies; smaller economies with higher inflation do not appear.
- Year sensitivity: Sudan falls from 99.9 per cent in 2025 to 23.7 per cent by 2028; Haiti falls from 28.3 per cent to 12.7 per cent across the same span.
- Convergence at the bottom: Germany records 2.7 per cent in 2026 and Canada 2.8 per cent, a 0.1 percentage point gap separating ranks 100 and 98.
- Non-monetary drivers: the top five include economies affected by conflict or sanctions, where price data collection is itself constrained.
Definitions matter. Whether a index covers a national basket or an urban one, and how subsidies and administered prices enter it, changes measured inflation without changing underlying pressure. The 2026 world figure of 4.7 per cent sits below 14 of the 15 highest-ranked economies, so the ranking describes dispersion, not a common trend. Growth forecasts of 3.1 per cent in 2026, 3.4 per cent in 2027 and 3.3 per cent in 2028 provide no matching signal for prices.
Frequently asked questions
What is the IMF's global inflation forecast for 2026?
The October 2026 vintage puts world consumer price inflation at 4.7 percent for 2026, against world growth of 3.1 percent in the same year and 3.4 percent in 2027. The 4.7 percent aggregate sits well below the top of the country ranking, where Iran records 78.6 percent and Sudan 41.3 percent, and above the bottom, where Germany records 2.7 percent and El Salvador 2.7 percent. The spread between the highest and lowest 2026 readings across the 100 listed economies is therefore roughly 76 percentage points.
Which country has the highest inflation forecast for 2026?
Iran ranks first among the 100 economies above $20 billion in GDP, with 2026 inflation of 78.6 percent, up from 50.6 percent in 2025. Its GDP is $312 billion. Sudan ranks second at 41.3 percent, down from 99.9 percent in 2025, on GDP of $31 billion. Argentina is third at 32.5 percent, down from 41.9 percent, on GDP of $768 billion, and Türkiye fourth at 31.2 percent, down from 34.9 percent, on GDP of $1.8 trillion. Iran is the only economy above 50 percent.
Which economies have the lowest inflation forecast for 2026?
Germany ranks 100th with 2026 inflation of 2.7 percent, up from 2.3 percent in 2025, on GDP of $5.5 trillion. El Salvador ranks 99th at 2.7 percent, up from 0.3 percent, on GDP of $39 billion. Canada ranks 98th at 2.8 percent, up from 2.1 percent, on GDP of $2.5 trillion. The Netherlands ranks 97th at 2.9 percent, down from 3.0 percent, on GDP of $1.4 trillion, and Mali 96th at 3.0 percent, up from 2.3 percent, on GDP of $35 billion. All five sit within 0.3 points of each other.
How does Türkiye's inflation forecast compare with other large economies?
Türkiye ranks fourth of 100, with 2026 inflation of 31.2 percent, down from 34.9 percent in 2025 and projected at 26.5 percent in 2027. Its GDP is $1.8 trillion, the largest among the top four after Argentina's $768 billion. By contrast, Germany, at $5.5 trillion, records 2.7 percent, and Canada, at $2.5 trillion, records 2.8 percent. Türkiye's 2026 rate is therefore about 11 times Germany's and roughly 28 points above the 4.7 percent world aggregate for the same year.
Which economies are forecast to see inflation rise in 2026?
Iran rises from 50.6 percent in 2025 to 78.6 percent in 2026, a 28.0 point increase, on GDP of $312 billion. Libya rises from 1.8 percent to 14.1 percent, a 12.3 point increase, on GDP of $57 billion. Kyrgyzstan rises from 8.2 percent to 12.7 percent, a 4.5 point increase, on GDP of $27 billion, and Mongolia from 8.6 percent to 11.0 percent, a 2.4 point increase, on GDP of $31 billion. Germany also rises, from 2.3 percent to 2.7 percent, on GDP of $5.5 trillion.