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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
Let's take a look at the inflation rate around the world.

Inflation is a rise in the general level of prices of goods and services in an economy over a period of time. When the general price level rises, each unit of currency buys fewer goods and services.

Consequently, inflation also reflects an erosion in the purchasing power of money - a loss of real value in the internal medium of exchange and unit of account in the economy.

Let's take a look at the inflation rate around the world.

Source: Business Insider

India

Inflation target: N/A

May's inflation rate (WPI): 7.55 per cent

Morgan Stanley's 12 month forecast rate: 7.1 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
Overview of Buenos Aires' 9 de Julio Avenue with the Obelisk in the background.

Argentina

Inflation target: 15.5-24.2 per cent

Last month's inflation rate: 9.8 per cent

Morgan Stanley's 12 month forecast rate: 10.3 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
Shoppers stroll through a central Perth arcade.

Australia

Inflation target: 2-3 per cent

Last month's inflation rate: 1.6 per cent

Morgan Stanley's 12 month forecast rate: 2.7 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
A rainbow forms after a cloudburst over Brazilian Congress in capital Brasilia.

Brazil

Inflation target: 4.5+/-2.0 per cent

Last month's inflation rate: 5.0 per cent

Morgan Stanley's 12 month forecast rate: 5.7 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
Eaton Centre, a shopping mall, in Toronto.

Canada

Inflation target: 1-3 per cent

Last month's inflation rate: 1.9 per cent

Morgan Stanley's 12 month forecast rate: 1.7 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
A view of Santiago City.

Chile

Inflation target: 3+/-1 per cent

Last month's inflation rate: 3.1 per cent

Morgan Stanley's 12 month forecast rate: 3.2 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
Tourists take pictures in front of a snow sculpture in Harbin, Heilongjiang province, China.

China

Inflation target: N/A

Last month's inflation rate: 3.0 per cent

Morgan Stanley's 12 month forecast rate: 3.2 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
A view of illuminated Christmas decorations at Monserrate church in capital Bogota.

Colombia

Inflation target: 3+/-1 per cent

Last month's inflation rate: 3.4 per cent

Morgan Stanley's 12 month forecast rate: 3.6 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
A tourist looks at Czech capital Prague from Old Town Hall Tower at historical Old Town Square.

Czech Republic

Inflation target: 2.0+/-1 per cent

Last month's inflation rate: 3.2 per cent

Morgan Stanley's 12 month forecast rate: 1.7 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
An aerial view showing the Legislative Council building located in Hong Kong's Central business district.

Hong Kong

Inflation target: N/A

Last month's inflation rate: 4.7 per cent

Morgan Stanley's 12 month forecast rate: 4.5 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
Men hold onto a girl as they throw water at her as part of traditional Easter celebrations in Holloko, 100km east of Budapest.

Hungary

Inflation target: 3.0 per cent

Last month's inflation rate: 5.3 per cent

Morgan Stanley's 12 month forecast rate: 3.6 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
Women walk past a shop selling luxury shoes and bags at a shopping mall in Jakarta.

Indonesia

Inflation target: 5+/-1.0 per cent

Last month's inflation rate: 4.5 per cent

Morgan Stanley's 12 month forecast rate: 5.1 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
People walk past a cafe in Tel Aviv.

Israel

Inflation target: 1-3 per cent

Last month's inflation rate: 2.1 per cent

Morgan Stanley's 12 month forecast rate: 2.1 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
Japan's Mt Fuji, covered with snow, is seen through Shinjuku skyscrapers in Tokyo.

Japan

Inflation target: 0-2 per cent

Last month's inflation rate: 0-2 per cent

Morgan Stanley's 12 month forecast rate: 0-2 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
A view of Malaysia's landmark 452-metre Petronas Twin Towers and the 421-metre Kuala Lumpur Tower.

Malaysia

Inflation target: 2.0 per cent

Last month's inflation rate: 1.9 per cent

Morgan Stanley's 12 month forecast rate: 3.2 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
People walk outside the Soumaya Museum in Mexico City.

Mexico

Inflation target: 3+/-1 per cent

Last month's inflation rate: 3.9 per cent

Morgan Stanley's 12 month forecast rate: 3.5 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
People cross a street after rainfall in central Auckland.

New Zealand

Inflation target: 1-3 per cent

Last month's inflation rate: 1.6 per cent

Morgan Stanley's 12 month forecast rate: N/A

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
A view of Tinapa Business resort project in Calabar, Delta region, Nigeria.

Nigeria

Inflation target: N/A

Last month's inflation rate: 12.8 per cent

Morgan Stanley's 12 month forecast rate: 11.3 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
Couple walks past The Monolith sculptures in the Vigeland Sculpture Park in Oslo.

Norway

Inflation target: 2.5 per cent

Last month's inflation rate: 0.3 per cent

Morgan Stanley's 12 month forecast rate: N/A

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
A boy slides down with a float at a big water slide at a water park in Lima.

Peru

Inflation target: 2+/-1 per cent

Last month's inflation rate: 4.1 per cent

Morgan Stanley's 12 month forecast rate: 3.8 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
People walk at Plac Zamkowy in Warsaw's Old Town.

Poland

Inflation target: 2.5 per cent

Last month's inflation rate: 3.6 per cent

Morgan Stanley's 12 month forecast rate: 2.8 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
A woman walks down the steps in front of Romania's National Library during its official opening ceremony in Bucharest.

Romania

Inflation target: 3.0 per cent

Last month's inflation rate: 1.8 per cent

Morgan Stanley's 12 month forecast rate: 3.6 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
A view of Moscow's Kremlin, Ministry of Foreign affairs and Moscow City business district.

Russia

Inflation target: 3.0 per cent

Last month's inflation rate: 3.6 per cent

Morgan Stanley's 12 month forecast rate: 6.5 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
A lioness plays with her cub at the Lions Park near Johannesburg.

South Africa

Inflation target: 3-6 per cent

Last month's inflation rate: 6.1 per cent

Morgan Stanley's 12 month forecast rate: 5.4 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
People walk on the street in central Seoul.

South Korea

Inflation target: 2-4 per cent

Last month's inflation rate: 2.5 per cent

Morgan Stanley's 12 month forecast rate: 2.7 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
Pedestrians walk down the main shopping street in Stockholm's Gamla Stan or Old Town district.

Sweden

Inflation target: 2.0 per cent

Last month's inflation rate: 1.3 per cent

Morgan Stanley's 12 month forecast rate: 2.2 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
People walk on Zurich's main shopping street Bahnhofstrasse.

Switzerland

Inflation target: -2.0 per cent

Last month's inflation rate: 1.3 per cent

Morgan Stanley's 12 month forecast rate: N/A

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
A man rides a bicycle in front of Taiwan's landmark Chiang Kai-shek Memorial hall in Taipei.

Taiwan

Inflation target: N/A

Last month's inflation rate: 1.7 per cent

Morgan Stanley's 12 month forecast rate: 1.0 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
Pedestrians walk across Westminster Bridge in front of the Big Ben Clock Tower in London.

The United Kingdom

Inflation target: 2 per cent

Last month's inflation rate: 3.0 per cent

Morgan Stanley's 12 month forecast rate: 2.1 per cent

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Inflation rates around the world

Last updated on: June 15, 2012 14:10 IST
Signs of fast food restaurants are seen along a busy street in Los Angeles.

The United States

Inflation target: 2.0 per cent

Last month's inflation rate: 1.9 per cent

Morgan Stanley's 12 month forecast rate: 2.0 per cent