#1
Venezuela (Bolivarian Republic of)
Volatility (2015–2024)19638.1%
Average inflation9066.3%
Max YoY (2015–2025)65374.1%
Last YoY (2025)150.0%
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.
| 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%
|
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.
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.
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.
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.
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.
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.
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.
For many economies 2025 is the latest IMF WEO estimate/projection. Final CPI outcomes can differ and may be revised.
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.
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.