World inflation rate for 2023 was 5.69%, a 2.28% decline from 2022.
World inflation rate for 2022 was 7.97%, a 4.5% increase from 2021.
World inflation rate for 2021 was 3.47%, a 1.55% increase from 2020.
World inflation rate for 2020 was 1.92%, a 0.29% decline from 2019.
Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.