Inflation rates around the world

Inflation is a rise in the general level of prices of goods and services in an economy over a period of time. When the general price level rises, each unit of currency buys fewer goods and services.

Consequently, inflation also reflects an erosion in the purchasing power of money - a loss of real value in the internal medium of exchange and unit of account in the economy.

Let's take a look at the inflation rate around the world.

Source: Business Insider

India

Inflation target: N/A

May's inflation rate (WPI): 7.55 per cent

Morgan Stanley's 12 month forecast rate: 7.1 per cent

...

Argentina

Inflation target: 15.5-24.2 per cent

Last month's inflation rate: 9.8 per cent

Morgan Stanley's 12 month forecast rate: 10.3 per cent

...

Australia

Inflation target: 2-3 per cent

Last month's inflation rate: 1.6 per cent

Morgan Stanley's 12 month forecast rate: 2.7 per cent

...

Brazil

Inflation target: 4.5+/-2.0 per cent

Last month's inflation rate: 5.0 per cent

Morgan Stanley's 12 month forecast rate: 5.7 per cent

...

Canada

Inflation target: 1-3 per cent

Last month's inflation rate: 1.9 per cent

Morgan Stanley's 12 month forecast rate: 1.7 per cent

...

Chile

Inflation target: 3+/-1 per cent

Last month's inflation rate: 3.1 per cent

Morgan Stanley's 12 month forecast rate: 3.2 per cent

...

China

Inflation target: N/A

Last month's inflation rate: 3.0 per cent

Morgan Stanley's 12 month forecast rate: 3.2 per cent

...

Colombia

Inflation target: 3+/-1 per cent

Last month's inflation rate: 3.4 per cent

Morgan Stanley's 12 month forecast rate: 3.6 per cent

...

Czech Republic

Inflation target: 2.0+/-1 per cent

Last month's inflation rate: 3.2 per cent

Morgan Stanley's 12 month forecast rate: 1.7 per cent

...

Hong Kong

Inflation target: N/A

Last month's inflation rate: 4.7 per cent

Morgan Stanley's 12 month forecast rate: 4.5 per cent

...

Hungary

Inflation target: 3.0 per cent

Last month's inflation rate: 5.3 per cent

Morgan Stanley's 12 month forecast rate: 3.6 per cent

...

Indonesia

Inflation target: 5+/-1.0 per cent

Last month's inflation rate: 4.5 per cent

Morgan Stanley's 12 month forecast rate: 5.1 per cent

...

Israel

Inflation target: 1-3 per cent

Last month's inflation rate: 2.1 per cent

Morgan Stanley's 12 month forecast rate: 2.1 per cent

...

Japan

Inflation target: 0-2 per cent

Last month's inflation rate: 0-2 per cent

Morgan Stanley's 12 month forecast rate: 0-2 per cent

...

Malaysia

Inflation target: 2.0 per cent

Last month's inflation rate: 1.9 per cent

Morgan Stanley's 12 month forecast rate: 3.2 per cent

...

Mexico

Inflation target: 3+/-1 per cent

Last month's inflation rate: 3.9 per cent

Morgan Stanley's 12 month forecast rate: 3.5 per cent

...

New Zealand

Inflation target: 1-3 per cent

Last month's inflation rate: 1.6 per cent

Morgan Stanley's 12 month forecast rate: N/A

...

Nigeria

Inflation target: N/A

Last month's inflation rate: 12.8 per cent

Morgan Stanley's 12 month forecast rate: 11.3 per cent

...

Norway

Inflation target: 2.5 per cent

Last month's inflation rate: 0.3 per cent

Morgan Stanley's 12 month forecast rate: N/A

...

Peru

Inflation target: 2+/-1 per cent

Last month's inflation rate: 4.1 per cent

Morgan Stanley's 12 month forecast rate: 3.8 per cent

...

Poland

Inflation target: 2.5 per cent

Last month's inflation rate: 3.6 per cent

Morgan Stanley's 12 month forecast rate: 2.8 per cent

...

Romania

Inflation target: 3.0 per cent

Last month's inflation rate: 1.8 per cent

Morgan Stanley's 12 month forecast rate: 3.6 per cent

...

Russia

Inflation target: 3.0 per cent

Last month's inflation rate: 3.6 per cent

Morgan Stanley's 12 month forecast rate: 6.5 per cent

...

South Africa

Inflation target: 3-6 per cent

Last month's inflation rate: 6.1 per cent

Morgan Stanley's 12 month forecast rate: 5.4 per cent

...

South Korea

Inflation target: 2-4 per cent

Last month's inflation rate: 2.5 per cent

Morgan Stanley's 12 month forecast rate: 2.7 per cent

...

Sweden

Inflation target: 2.0 per cent

Last month's inflation rate: 1.3 per cent

Morgan Stanley's 12 month forecast rate: 2.2 per cent

...

Switzerland

Inflation target: -2.0 per cent

Last month's inflation rate: 1.3 per cent

Morgan Stanley's 12 month forecast rate: N/A

...

Taiwan

Inflation target: N/A

Last month's inflation rate: 1.7 per cent

Morgan Stanley's 12 month forecast rate: 1.0 per cent

...

The United Kingdom

Inflation target: 2 per cent

Last month's inflation rate: 3.0 per cent

Morgan Stanley's 12 month forecast rate: 2.1 per cent

...

The United States

Inflation target: 2.0 per cent

Last month's inflation rate: 1.9 per cent

Morgan Stanley's 12 month forecast rate: 2.0 per cent