China records lowest inflation rate, Russia close to EU economies

By Al Mayadeen English
Source: Agencies
6 May 2023 20:01
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Data from the month of March reveals that China's inflation has dropped from 1 percent in February to 0.7 percent.

A sign reading "Low prices for you" is seen on a shopping trolley in a supermarket in Nice, France, March 1, 2023. (Reuters)

China recorded the lowest inflation rate worldwide as of March at 0.7 percent, and Russia ranked 102nd place at 3.5 percent despite the historic anti-Moscow sanctions imposed by the West in the past year, Sputnik reported on Saturday based on statistical data.

European countries such as Spain (3.3), Switzerland (2.9), and Liechtenstein (2.9) were not far behind Russia, while Hungary and Moldova recorded 25.2 and 22 percent respectively.

The highest inflation levels were in Lebanon at 264%, Argentina at 104.3%, Zimbabwe at 87.6%, Suriname at 59.4%, and Turkey at 50.5%.

For the first time in years, Pakistan made its way to the top ten countries at a 35.4% inflation rate.

Despite declines in headline rates of inflation in the first few months of the year, the majority of chief economists at the World Economic Forum (WEF) anticipate runaway prices to continue to hurt Europe and the United States throughout 2023, according to a WEF report released earlier this month.

In January, the Financial Times released a report citing economists who warned that the Eurozone economy is set to shrink this year due to high inflation and potential energy shortages.

The economists indicated that the single currency zone was already in recession, with the gross domestic product expected to contract over the whole of next year.

Despite EU members managing to lower their dependence on Russian gas imports by turning to the United States and Norway, as well as shifting to alternative energy sources, economists have warned that without Russian supplies, it will be much harder to refill Europe’s gas storage facilities ahead of next winter.