India's inflation at 7.4%; What are inflation numbers in other countries?

Retail inflation in India touched a five-month high of 7.41 per cent in September. This is the ninth time the inflation has stayed above the Reserve Bank of India's (RBI) upper tolerance level of 6 per cent. 

The RBI has been mandated by the centre to keep the inflation between 2 and 6 per cent for a five-year period ending March 2026. 

Since the start of the Russia-Ukraine war in February, almost all the economies have been facing high inflation mainly driven by high commodity costs, and supply chain constraints. 

Russia's inflation in September touched 13.7 per cent, 4.1 percentage points down from 17.8 per cent in April. 

Inflation has been comparatively higher in Europe. Germany's inflation hit 10 per cent inflation in September, the highest in 40 years. United Kingdom's (UK) inflation was recorded at 9.9 per cent in August, down 0.2 percentage points from a 40-year high of 10.1 per cent in July.

Euro Area's inflation at 10 per cent in September was the highest ever since the data was first collected in 1991.

In Italy, the inflation recorded in September was the highest in 37 years at 8.9 per cent. The International Monetary Fund (IMF) on Tuesday said that Germany and Italy will slip into recession in 2023. 

In the Netherlands, inflation was recorded at 14.5 per cent in September. Switzerland is perhaps the only major economy that recorded inflation less than India in September at 3.3 per cent. It was 0.2 percentage points less than 3.5 per cent in August. 

In the US, inflation in September was 8.3, recording a straight fall for the third consecutive month. In June, it hit a 40-year high of 9.1 per cent. 

However, keeping in mind the US Federal Reserve's upper tolerance limit of 2 per cent, the figures were significantly high. 

Canada's inflation in August was 7 per cent, down from a 40-year high of 8.1 per cent in June. 

In South America, Argentina recorded the highest inflation of 78.5 per cent in August, the highest in over 25 years. 

In Asia, China recorded a fall in its inflation figures to 2.5 per cent in August. It was 2.7 per cent in July. However, it was still at the highest level in nearly two years. 

Indonesia's inflation was at 5.95 per cent in September, the highest in over 6 years. 

Japan's inflation in August was 3 per cent, the highest since 2014. And Singapore's inflation was 7.5 per cent, nearly at the highest since the 2008 depression.