Most other G20 members fall somewhere between these poles, highlighting how different economic policies and post‑pandemic recoveries are shaping price dynamics globally.

To provide context beyond the graphic, this article cross‑checks the data against Trading Economics and Financial Times reports and looks at what is driving inflation or deflation in individual countries.

High‑inflation countries: Argentina and Turkey

Argentina continues to battle chronic price pressures despite recent progress. According to Trading Economics, the annual inflation rate dropped to 39.40% in June 2025 , the lowest level since 2020. The fall reflects President Javier Milei’s aggressive fiscal tightening, exchange‑rate liberalisation and removal of price controls. Nevertheless, the figure is still by far the highest among G20 members. The Financial Times noted that Milei managed to push monthly inflation below 2% for the first time in five years, a milestone that illustrates the impact of his austerity programme.

Turkey remains another inflation hotspot. Its consumer prices eased slightly but still accelerated 35.05%. Price growth remains broad‑based. That is food, housing, utilities and education all posted double‑digit increases, and the central bank has kept interest rates high to anchor expectations. Although inflation has retreated from the peak near 70% seen in 2022, Turkey’s economy continues to grapple with currency weakness and a lack of foreign reserves.

Inflation in Russia, Brazil and Mexico

Russia’s annual inflation moderated to 9.4%. The slowdown reflects easing food and services prices, though the rate remains more than double the central bank’s 4% target. Moscow’s price controls and rouble management may also be tempering increases, but analysts warn that supply constraints tied to geopolitical tensions could reignite price pressures later this year.

In Brazil, inflation ticked up to 5.35% with transport and housing costs rising while food inflation slowed. The government’s decision to lift electricity tariffs contributed to the uptick, but inflation remains well within the central bank’s target range after double‑digit rates in 2022. Mexico’s inflation slowed to 4.32% as price increases for agricultural products and energy cooled. Core inflation, however, edged up, reminding policymakers to stay vigilant.

UK, Japan and the US: above‑target but manageable

The United Kingdom saw its annual inflation rate rise to 3.6%, driven mainly by higher transportation costs such as fuel and airfare. Food inflation remained elevated at 4.5%, though services inflation stabilised. Britain’s rate is still above the Bank of England’s 2% target but far below the double‑digit levels experienced in 2023.

Japan’s inflation eased to 3.3%, the lowest since November 2024. Falling electricity and gas prices contributed to the decline, but food bills remain sticky, and rice prices were up 100.2% year‑on‑year . Core inflation matches the headline rate, suggesting that underlying price pressures are still present.

The United States recorded an annual inflation rate of 2.7% in June. Food, transportation services and used cars saw strong price increases, while energy costs declined. The Financial Times described the jump as a sign that tariffs announced by former president Donald Trump are feeding into consumer prices. Core inflation rose to 2.9%. The moderate yet sticky inflation complicates the Federal Reserve’s efforts to cut interest rates.

Differing narratives in Saudi Arabia, South Korea and India

Saudi Arabia’s inflation ticked up to 2.3% as housing rents rose 7.6% while food inflation eased. The government has maintained fuel and food subsidies to cushion consumers, but is grappling with higher import costs and demand linked to mega‑projects.

South Korea’s consumer prices rose 2.2%, the highest reading since January. Furnishings, food, restaurants and education costs climbed, prompting the central bank to cut interest rates to support growth amid U.S. tariffs on Korean exports. Trading Economics expects inflation to moderate later in the year as supply bottlenecks ease.

India recorded the lowest inflation since 2019, with the annual rate sliding to 2.1%. Falling prices for vegetables, pulses and spices offset modest increases in housing and education. Analysts warn that food prices are volatile and could push inflation higher in the coming months.

European economies

Germany’s inflation rate held steady at 2% in July, close to the June figure, as food prices rose but energy costs continued to decline. Services inflation slowed, and the harmonised rate fell to 1.8%. The Euro area as a whole posted 2% inflation in June, exactly hitting the European Central Bank’s target. Services prices accelerated while energy price declines softened, and core inflation remained at 2.3%.

Italy’s annual consumer price inflation edged up to 1.7% percent in June, up from 1.6% in May. Price growth came from non‑processed and processed foods as well as transportation services. Core inflation rose to 2.1%, while energy prices saw milder deflation. In July, the rate stayed at 1.7%.

France reported annual inflation of 1% in June and July. Energy prices fell more sharply because of base effects, but food and service costs continued to creep up. The harmonised rate remained at 0.9%, keeping France among the low‑inflation economies in the euro area.

Canada, Indonesia and China: low inflation and deflation risks

Canada’s annual inflation rate rose to 1.9% in June, up from 1.7%. Fuel deflation eased due to base effects, and prices for durable goods like passenger vehicles and furniture increased. Food and shelter inflation slowed, and the Bank of Canada’s trimmed‑mean core CPI remained at 3%.

Indonesia’s inflation accelerated to 1.87%, still within the central bank’s 1.5%–3.5% target range. Food, housing, health and clothing costs rose, while prices for accommodation, restaurants, furnishing and education moderated. Core inflation eased to 2.37%, the lowest in five months

China’s consumer prices inched up 0.1%, ending a three‑month deflationary streak. The first positive reading since January was fuelled by mid‑year shopping festivals, subsidies for consumer goods and a slight improvement in non‑food prices. Core inflation reached 0.7%, a 14‑month high, but the overall price picture remains tepid.

The forum comprises nineteen countries with some of the world’s largest economies, along with the European Union (EU) and, since 2023, the African Union (AU).

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom (UK), and the United States are the member countries. Spain is invited as a permanent guest.

The latest controversy surrounding the G20 involves US Secretary of State Marco Rubio's decision to skip the upcoming meeting in South Africa this month.

This decision comes amidst tensions between the US and South Africa over a land expropriation law.

President Trump has threatened to cut aid to South Africa, citing concerns over land confiscation, although these claims have been disputed.

In January 2025, South African President Cyril Ramaphosa signed a law allowing the government to expropriate land without compensation if it serves the public interest. This includes cases where land is underutilised or if an agreement cannot be reached with the owner.

The African National Congress (ANC) supports the law, arguing that it’s a crucial move to address the inequalities left by apartheid. However, the opposition Democratic Alliance (DA) has raised concerns over the potential economic consequences of this policy.

South Africa, holding the G20 presidency until November 2025, will host a foreign ministers' meeting in Johannesburg on February 20-21.

South Africa is exhibiting its strong diplomatic stance on international conflicts, particularly regarding the situation in Gaza. As reported by Social News XYZ , the nation has condemned the Israeli Defence Force's airstrikes that resulted in significant Palestinian casualties, predominantly affecting women and children. South Africa has categorised these events as 'genocidal aggression'. It is advocating for immediate humanitarian intervention through the UN Security Council, emphasising the necessity of a ceasefire in alignment with UNSC Resolution 2735.

Nigeria's President Tinubu to visit South Africa

President Bola Tinubu is set to leave France on Monday for Cape Town, South Africa, where he will co-chair the 11th session of the Nigeria-South Africa Bi-National Commission with President Cyril Ramaphosa. The Bi-National Commission, scheduled for Tuesday, December 3, will be preceded by a ministerial meeting on December 2, 2024, at the South African Parliament Building in Cape Town. According to Punch Nigeria , a statement released on Sunday, December 1 by presidential spokesman Bayo Onanuga, shares that Tinubu and Ramaphosa will engage in in-depth discussions on bilateral, regional, and international issues of mutual interest.

South Africa world's most desirable country

South Africa has been lauded as one of the most appealing travel destinations worldwide, ranking seventh in the 2024 Wanderlust Reader Travel Awards. The nation garnered recognition for its exceptional wildlife tourism, attracting global visitors and significantly boosting its economy through high-value experiences such as safaris and luxury accommodations, reports The South African .

Rural population ‘left behind’ as provinces underperform

South Africa is grappling with stark economic disparities, particularly between urban centres and rural provinces. Reports according to Mail and Guardian indicate a considerable population migration towards prosperous areas like Gauteng and Western Cape, further exacerbating the development gap. These regions contribute nearly half of the national GDP, highlighting the need for strategic reforms to uplift rural communities facing high unemployment and educational challenges.

G20 duties begin

South Africa has commenced its G20 presidency, a landmark moment as it becomes the first African nation to assume this role. President Ramaphosa's strategic vision prioritises solidarity and sustainable development, aiming to address inequalities and elevate the status of the Global South within global agendas. As South Africa navigates these multifaceted issues, its diplomatic efforts and regional partnerships will remain crucial in shaping both its domestic trajectory and international engagement, Fan ABC reports.