Photographs: Vivek Prakash/Reuters
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
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Inflation rates around the world
Image: Overview of Buenos Aires' 9 de Julio Avenue with the Obelisk in the background.Photographs: Enrique Marcarian/Reuters
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
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Inflation rates around the world
Image: Shoppers stroll through a central Perth arcade.Photographs: Tim Wimborne/Reuters
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
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Inflation rates around the world
Image: A rainbow forms after a cloudburst over Brazilian Congress in capital Brasilia.Photographs: Jamil Bittar/Reuters
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
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Inflation rates around the world
Image: Eaton Centre, a shopping mall, in Toronto.Photographs: Stringer/Reuters
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
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Inflation rates around the world
Image: A view of Santiago City.Photographs: Victor Ruiz Caballero/Reuters
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
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Inflation rates around the world
Image: Tourists take pictures in front of a snow sculpture in Harbin, Heilongjiang province, China.Photographs: Sheng Li/Reuters
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
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Inflation rates around the world
Image: A view of illuminated Christmas decorations at Monserrate church in capital Bogota.Photographs: John Vizcaino/Reuters
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
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Inflation rates around the world
Image: A tourist looks at Czech capital Prague from Old Town Hall Tower at historical Old Town Square.Photographs: Petr Josek/Reuters
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
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Inflation rates around the world
Image: An aerial view showing the Legislative Council building located in Hong Kong's Central business district.Photographs: Bobby Yip/Reuters
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
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Inflation rates around the world
Image: Men hold onto a girl as they throw water at her as part of traditional Easter celebrations in Holloko, 100km east of Budapest.Photographs: Laszlo Balogh/Reuters
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
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Inflation rates around the world
Image: Women walk past a shop selling luxury shoes and bags at a shopping mall in Jakarta.Photographs: Enny Nuraheni/Reuters
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
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Inflation rates around the world
Image: People walk past a cafe in Tel Aviv.Photographs: Sharon Perry/Reuters
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
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Inflation rates around the world
Image: Japan's Mt Fuji, covered with snow, is seen through Shinjuku skyscrapers in Tokyo.Photographs: Kimimasa Mayama/Reuters
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
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Inflation rates around the world
Image: A view of Malaysia's landmark 452-metre Petronas Twin Towers and the 421-metre Kuala Lumpur Tower.Photographs: Bazuki Muhammad/Reuters
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
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Inflation rates around the world
Image: People walk outside the Soumaya Museum in Mexico City.Photographs: Jorge Dan Lopez/Reuters
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
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Inflation rates around the world
Image: People cross a street after rainfall in central Auckland.Photographs: Stefan Wermuth/Reuters
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
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Inflation rates around the world
Image: A view of Tinapa Business resort project in Calabar, Delta region, Nigeria.Photographs: Akintunde Akinleye/Reuters
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
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Inflation rates around the world
Image: Couple walks past The Monolith sculptures in the Vigeland Sculpture Park in Oslo.Photographs: Stoyan Nenov/Reuters
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
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Inflation rates around the world
Image: A boy slides down with a float at a big water slide at a water park in Lima.Photographs: Enrique Castro-Mendivil/Reuters
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
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Inflation rates around the world
Image: People walk at Plac Zamkowy in Warsaw's Old Town.Photographs: Kacper Pempel/Reuters
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
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Inflation rates around the world
Image: A woman walks down the steps in front of Romania's National Library during its official opening ceremony in Bucharest.Photographs: Bogdan Cristel/Reuters
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
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Inflation rates around the world
Image: A view of Moscow's Kremlin, Ministry of Foreign affairs and Moscow City business district.Photographs: Anton Golubev/Reuters
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
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Inflation rates around the world
Image: A lioness plays with her cub at the Lions Park near Johannesburg.Photographs: Radu Sigheti/Reuters
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
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Inflation rates around the world
Image: People walk on the street in central Seoul.Photographs: Lee Jae Won/Reuters
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
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Inflation rates around the world
Image: Pedestrians walk down the main shopping street in Stockholm's Gamla Stan or Old Town district.Photographs: Bob Strong/Reuters
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
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Inflation rates around the world
Image: People walk on Zurich's main shopping street Bahnhofstrasse.Photographs: Arnd Wiegmann/Reuters
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
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Inflation rates around the world
Image: A man rides a bicycle in front of Taiwan's landmark Chiang Kai-shek Memorial hall in Taipei.Photographs: Pichi Chuang/Reuters
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
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Inflation rates around the world
Image: Pedestrians walk across Westminster Bridge in front of the Big Ben Clock Tower in London.Photographs: Stefan Wermuth/Reuters
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
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Inflation rates around the world
Image: Signs of fast food restaurants are seen along a busy street in Los Angeles.Photographs: David McNew/Reuters
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
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