Countries by Inflation Volatility (2015–2025)
What this ranking measures
Inflation volatility is a practical way to describe how unpredictable price growth is. Instead of focusing only on the inflation level, this ranking tracks how much the inflation rate swings from year to year. We compute volatility as the standard deviation of annual (YoY) CPI inflation over 2015–2024, and we report additional context: average inflation, the maximum YoY reading over 2015–2025, and the latest YoY value (2025, often a WEO estimate/projection).
Why charts can look different from the table: a few hyperinflation episodes can dominate the scale. To keep visuals readable we cap (winsorize) volatility at the 95th percentile for charts and use log scaling where appropriate. The ranking table always shows the raw volatility.
Top 10 countries with the most volatile inflation
Venezuela (Bolivarian Republic of)
Zimbabwe
South Sudan
Sudan (the)
Argentina
Lebanon
Turkey
Suriname
Sri Lanka
Iran (Islamic Republic of)
Top 10 — quick table
| Rank | Country | Volatility (pp) | Avg / Max / Last |
|---|---|---|---|
| 1 | Venezuela (Bolivarian Republic of) | 19638.1% |
Avg: 9066.3%
Max: 65374.1%
Last: 150.0%
|
| 2 | Zimbabwe | 252.0% |
Avg: 234.0%
Max: 667.4%
Last: 554.7%
|
| 3 | South Sudan | 102.0% |
Avg: 89.1%
Max: 346.1%
Last: 21.7%
|
| 4 | Sudan (the) | 99.6% |
Avg: 115.9%
Max: 359.1%
Last: 62.7%
|
| 5 | Argentina | 70.6% |
Avg: 82.5%
Max: 249.8%
Last: 59.6%
|
| 6 | Lebanon | 69.4% |
Avg: 52.5%
Max: 171.2%
Last: —
|
| 7 | Turkey | 23.1% |
Avg: 27.6%
Max: 72.3%
Last: 38.4%
|
| 8 | Suriname | 20.8% |
Avg: 31.5%
Max: 59.1%
Last: 14.8%
|
| 9 | Sri Lanka | 13.5% |
Avg: 9.6%
Max: 45.2%
Last: —
|
| 10 | Iran (Islamic Republic of) | 13.4% |
Avg: 29.7%
Max: 45.8%
Last: 32.5%
|
Top 20 by inflation volatility (bar)
Methodology and limitations
Inflation is measured as annual consumer price inflation (YoY CPI). Volatility is the standard deviation of the YoY series over 2015–2024 (ten observations where available). We combine levels and variability: average inflation provides the long-run tendency, while max and last YoY values highlight stress episodes and the most recent inflation regime. For 2025, many values are IMF WEO estimates/projections; final CPI outcomes can differ and are sometimes revised.
Hyperinflation and one-off currency crises can produce extreme spikes that overwhelm linear charts. To avoid misleading visuals, charts use winsorization (capping volatility at the 95th percentile) and, where applicable, log scaling. These transformations are for visualization only; the ranking and table values are not modified.
Insights
High inflation volatility tends to cluster in economies exposed to large commodity terms-of-trade shocks, fiscal dominance (monetary financing), and repeated exchange‑rate adjustments. Mid-income countries can appear near the top when policy regimes swing between stabilization and relapse. Conversely, some high-inflation countries exhibit lower volatility when inflation is persistently elevated but changes gradually.
What this means for readers
Inflation volatility is a day-to-day risk indicator. Higher volatility makes wage negotiations harder, reduces the planning horizon for savings and mortgages, and increases the likelihood of abrupt price controls, subsidy shifts, or FX restrictions. For investors and businesses, it raises the value of diversification, shorter pricing cycles, and explicit inflation clauses in contracts.
FAQ
What is inflation volatility, in plain English?
It’s how much a country’s inflation rate swings from year to year. We measure it as the standard deviation of annual (YoY) CPI inflation over 2015–2024. Higher values mean less predictable prices.
Why use a 10‑year window?
A decade is long enough to capture multiple shocks while still describing today’s inflation regime. Shorter windows can be dominated by one-off events.
Does high average inflation always imply high volatility?
Not always. Some countries have persistently high inflation but relatively stable changes, while others experience sharp stop‑go episodes. The ranking focuses on variability, not the level.
How do hyperinflation episodes affect the ranking?
Extreme spikes can dominate standard deviation. For charts we cap volatility at the 95th percentile and use log scaling so the plot remains readable, while the table keeps raw volatility.
Is 2025 ‘last YoY’ an estimate or a final number?
For many economies 2025 is the latest IMF WEO estimate/projection. Final CPI outcomes can differ and may be revised.
Can a country reduce inflation volatility quickly?
Volatility typically falls when fiscal dominance is reduced, monetary policy is credible, and the exchange rate regime is consistent with reserves and capital flows. Improvements usually take several years.
How should readers use this ranking?
Use it as a risk lens: high volatility raises uncertainty for wages, savings, mortgages, and business pricing. Pair it with income levels, currency stability, and policy context.
Top 100 countries by inflation volatility
The table is rendered from an embedded dataset (no external calls). Use search, sorting and filters to explore patterns by region and income tier (income tier is a simple PPP-based proxy).
| Rank | Country | Volatility (pp) | Inflation stats (Avg / Max / Last) |
|---|
Scatter: volatility vs GDP per capita (PPP)
How to interpret inflation volatility
Inflation volatility captures the stability of the price system. When inflation is volatile, households face uncertain real incomes and savings outcomes, businesses struggle to plan inventory and wages, and governments often resort to ad‑hoc interventions. The same inflation level can feel very different depending on volatility: a steady 8% environment is easier to adapt to than a pattern of 2%, 18%, 5%, 25%.
Common drivers behind volatile inflation
- Exchange‑rate pass‑through: large depreciations quickly lift import prices and fuel expectations.
- Fiscal dominance: monetized deficits or forced credit to the government undermine price stability.
- Commodity dependence: food and fuel shocks translate into CPI swings, especially with limited buffers.
- Policy regime shifts: stop‑go stabilization, price controls, and sudden subsidy removals create jumps.
- Institutional credibility: weak central‑bank independence increases the volatility of expectations.
Policy takeaways
- Credible nominal anchor matters: clear targets, consistent communication, and operational independence reduce swings in expectations.
- Fiscal rules complement monetary policy: volatility falls when fiscal plans limit the need for inflation financing.
- FX and reserves are not optional in high pass‑through economies: thin reserves and unstable pegs amplify volatility.
- Supply-side buffers reduce CPI spikes: energy diversification, food logistics, and safety nets can dampen shock transmission.
- Data transparency helps: timely CPI publication and methodological stability reduce rumor-driven pricing.
Sources
Download: Inflation Volatility (2015–2025) — Tables & Charts Pack
A ready-to-use asset pack with extracted tables (Top-10 / Top-20 / Top-100) and chart images (bar + scatter), based on the dataset used on this page.
