Headline Inflation 2023
Headline Inflation Projection 2024




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G20 Headline Inflation Projection 2024 by Country Map (%)

Attribution 4.0 International (CC BY 4.0)OECD

G20 Headline Inflation Projection 2024 by Country Map (%, OECD)

What is Headline Inflation?

Headline inflation refers to the total inflation within an economy, including commodities such as food and energy prices which tend to be much more volatile and prone to external shocks compared to other items in a typical basket of goods and services. It provides a broad measure of the cost of living and is often used as a key indicator of economic performance.

It differs from Core Inflation, which is the total inflation in an economy with the most volatile components removed, food and energy.

Headline Inflation Summary for G20 Countries, 2024

Based on data provided by the OECD, the summary for headline inflation rates for 2023 and forecasts for 2024 for each country are as follows:

  • Argentina shows an extremely high inflation rate of 118.55% for 2023, with a slight increase projected for 2024 at 121.32%.
  • Australia has a headline inflation of 5.48% for 2023, with a forecast to decrease to 3.24% in 2024.
  • Brazil’s inflation rate is 4.94% for 2023, with a projected decrease to 3.63% in 2024.
  • Canada’s inflation is at 3.59% for 2023 and is expected to go down to 2.36% in 2024.
  • China has the lowest inflation rate on the list for 2023 at 0.54%, with a projected increase to 1.27% in 2024.
  • France's inflation rate is 5.76% for 2023 and is forecasted to lower to 2.89% in 2024.
  • Germany has a 6.1% inflation rate for 2023, with a decrease projected to 3.02% in 2024.
  • India’s inflation rate is 5.35% for 2023, expected to reduce slightly to 4.75% in 2024.
  • Indonesia is at 3.74% for 2023, with a projection of 2.76% for 2024.
  • Italy's inflation is at 6.09% for 2023, with a forecasted decrease to 2.52% in 2024.
  • Japan has a relatively low inflation rate of 3.06% for 2023, expected to decrease further to 2.08% in 2024.
  • Korea’s inflation rate is 3.4% for 2023, with a projection of 2.61% in 2024.
  • Mexico has an inflation rate of 5.45% for 2023, with a forecast to decrease to 3.9% in 2024.
  • Russia has a 5.25% inflation rate for 2023, with a very slight decrease projected to 5.24% in 2024.
  • Saudi Arabia’s inflation is at 2.51% for 2023, with a decrease projected to 2.12% in 2024.
  • South Africa has an inflation rate of 5.81% for 2023, with a forecast to slightly decrease to 4.73% in 2024.
  • Spain's inflation is stable, at 3.45% for both 2023 and 2024.
  • Türkiye shows a high inflation rate of 52.14% for 2023, with a significant decrease projected to 39.21% in 2024.
  • The United Kingdom’s inflation rate is 7.24% for 2023, with a forecasted substantial decrease to 2.94% in 2024.
  • The United States has an inflation rate of 3.81% for 2023, with a projected decrease to 2.61% in 2024.

The data highlights a general trend of high inflation rates in 2023 with many countries expecting a decrease in 2024, with Argentina and Türkiye experiencing extremely high inflation, and most other countries facing moderate to high rates.


Analyzing the data, it's evident that there is a global trend towards decreasing headline inflation rates from 2023 to 2024, suggesting that many economies are expecting to stabilize somewhat from high inflationary periods. The significant projected reductions in countries like the United Kingdom and Türkiye indicate aggressive measures may be anticipated to curb the current rates. It's notable that Argentina’s projected increase, albeit slight, indicates a continuing struggle with hyperinflation, which could imply ongoing economic challenges.

The comparatively lower inflation rates in economically diverse regions such as China, Saudi Arabia, and Japan suggest that these countries have managed to keep inflationary pressures under control, which could be attributed to various factors such as economic policies, market structures, and the level of dependency on imports of goods and energy. The United States, being one of the largest economies, shows a moderate decrease, which could influence global economic trends given its significant role in international trade and financial markets.

Overall, the projected decrease in inflation for most countries could signal a move towards economic recovery and stability, but the actual outcome will largely depend on various domestic and international factors including policy decisions, commodity prices, and geopolitical events. The data underscores the importance of closely monitoring economic indicators as they can have profound implications for both domestic economies and global financial stability.

Furthermore, Core Inflation, defined as inflation with the most volatile components energy and food removed, hasn't significantly slowed and may persist above most Central Bank's targets, offering a key risk for advanced economies as they head into 2024.