Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street

Lebanon, Argentina, Zimbabwe countries with highest inflation in Feb

  • By Al Mayadeen English
  • Source: Agencies
  • 9 Apr 2023 16:02
4 Min Read

The Lebanese, Zimbabwean, and Argentine economies performed the worst in February in light of an ongoing economic crisis that saw no country in the world deflate.

  • x
  • People protest poverty and demand more government social programs as they block Puente Pueyrredon, a main entry point into Buenos Aires, Argentina, April 5, 2023 (AP)
    People protest poverty and demand more government social programs as they block Puente Pueyrredon, a main entry point into Buenos Aires, Argentina, April 5, 2023. (AP)

Lebanon, Argentina, and Zimbabwe were the countries with the highest annual inflation rates in February 2023, according to calculations made by Russian news agency Sputnik and based on data from national statistics. 

Inflation in Lebanon was at a whopping 190% in February, putting it in first place by far, while Argentina ranked second with an annual inflation rate of 102.5%. The country with the highest inflation rate in January, Zimbabwe, saw its inflation cooling down to 92.3% after it was at 230%.

Joanna Wronecka, the UN’s Special Coordinator for Lebanon, warned in a tweet that the Lebanese people are severely harmed by currency depreciation and inflation three years after Lebanon declared its first ever-sovereign default.

She also noted that the "Lebanese are still waiting for their leaders to act to rescue the country."

Wronecka further argued that reforms agreed upon with the IMF are "crucial and inevitable."

Most of Lebanon's population is now living in poverty as a result of the country's financial crisis, and the political class, which is frequently held responsible, has done nothing to address the situation.

China ranks lowest at 1%

Sudan and Suriname completed the top five list with their inflation rates being at 63.3% and 58%, respectively.

Related News

'Turkey has won': Erdogan hails PKK disarmament

Iraq welcomes PKK’s disarmament as step toward regional stability

Inflation hit Europe pretty hard, as well, as Moldova ranked highest with 25.9%, followed by Hungary at 25.4% and Ukraine at 24.9% as Switzerland and Lichtenstein had the lowest inflation rates on the continent, at 3.4%.

In the Middle East, Lebanon, Turkey, and Egypt had the worst inflation rates, with the latter two's inflation rates being 55.2% and 31.9%, respectively. Oman had the lowest inflation rate, with 1.9%.

Asia's worst-ranking countries were Sri Lanka, 53.6%, Laos, 41.4%, and Pakistan, 31.5%. China ranked lowest with a mere 1% inflation rate.

Sri Lanka defaulted on its $46 billion foreign debt in April 2022 and was negotiating a bailout deal with the IMF to repair its shattered finances. The country witnessed months of lack of food, fuel, and medicine, extended power cuts, and inflation - which in turn has caused civil unrest and public outrage.

Months of protests during the height of the crisis pushed then-President Gotabaya Rajapaksa to depart the country and resign in July 2022 following accusations of economic mismanagement and corruption.

No deflation anywhere in the world

Moreover, it is the same in Pakistan. The Pakistani economy has been exacerbated by political instability, the global energy crisis, earthquakes, and the devastating floods that submerged large portions of the country in 2022.

As a result, the country requires billions of dollars of financing to service existing debt. It is also worth noting that foreign exchange reserves have also dwindled and the value of the rupee diminished.

The country in South Asia, which is home to more than 220 million people, must implement stringent tax changes and raise energy costs if it wants to receive the following tranche of a $6.5 billion IMF loan and avoid defaulting.

There was no deflation anywhere in the world, with half the world recording inflation rates above 8.7% in February.

Sputnik reported that it conducted the calculations on the basis of data from the national statistical agencies of all the 193 United Nations member states.

  • Turkey
  • Egypt
  • Pakistan
  • Sri Lanka
  • Argentina
  • Lebanon

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS