Ranked: Inflation Forecasts in G20 Economies
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Key Takeaways
- Argentina and Türkiye are projected to have the highest inflation rates in the G20 in 2026, at 30.4% and 28.6%, respectively.
- The next-highest projected rate is Russia’s 5.6%, showing a sharp drop-off after the top two.
- China has the lowest projected inflation rate in the group at 1.2%, while the U.S. and UK are both projected at 3.2%.
Inflation has cooled across most major economies since the 2022 price surge, but the 2026 outlook still shows a wide gap within the G20.
Argentina and Türkiye remain the clear outliers, with projected average annual inflation rates near 30%. By contrast, every other G20 member is projected to stay below 6%.
This graphic ranks the 19 G20 member countries by their projected average annual consumer inflation in 2026. The data comes from the IMF World Economic Outlook (April 2026 update), and includes projected nominal GDP for context.
Argentina and Türkiye’s Double-Digit Inflation Stands Out
Argentina (30.4%) and Türkiye (28.6%) are the only two G20 economies projected to post double-digit inflation in 2026. Both sit far above the rest of the bloc, with Russia’s 5.6% the next-highest rate.
The data table below ranks the G20 nations by their 2026 projected annual average consumer inflation and includes their 2026 projected nominal GDP:
| Rank | Country | 2026 Proj. Inflation (Annual Avg.) |
2026 Proj. Nominal GDP ($T) |
|---|---|---|---|
| 1 |  Argentina |
30.4% | 0.7 |
| 2 |  Türkiye |
28.6% | 1.6 |
| 3 |  Russia |
5.6% | 2.7 |
| 4 |  India |
4.7% | 4.2 |
| 5 |  Brazil |
4.0% | 2.6 |
| 6 |  Australia |
4.0% | 2.1 |
| 7 |  Mexico |
3.9% | 2.1 |
| 8 |  South Africa |
3.9% | 0.5 |
| 9 |  United States |
3.2% | 32.4 |
| 10 |  United Kingdom |
3.2% | 4.3 |
| 11 |  Indonesia |
3.0% | 1.5 |
| 12 |  Germany |
2.7% | 5.5 |
| 13 |  Italy |
2.6% | 2.7 |
| 14 |  Canada |
2.5% | 2.5 |
| 15 |  South Korea |
2.5% | 1.9 |
| 16 |  Saudi Arabia |
2.3% | 1.4 |
| 17 |  Japan |
2.2% | 4.4 |
| 18 |  France |
1.8% | 3.6 |
| 19 |  China |
1.2% | 20.9 |
After Argentina and Türkiye, the ranking drops sharply: Russia is third at 5.6%, followed by India at 4.7%.
The U.S. and UK are both projected at 3.2%, slightly above the 2% target their central banks aim for. Germany (2.7%), Italy (2.6%), Canada (2.5%), South Korea (2.5%), Japan (2.2%), and France (1.8%) sit lower in the ranking.
China anchors the bottom of the ranking at a projected 1.2%, the lowest in the bloc. Rather than a sign of policy success, China’s near-deflationary reading reflects weak domestic demand and a prolonged property-sector drag.
Outliers’ High Inflation Has Still Cooled Dramatically
As high as they remain, Argentina and Türkiye’s projected inflation rates for 2026 mark a steep improvement. Argentina’s average inflation is projected to fall to 30.4% in 2026, down from 219.9% in 2024 and 41.9% in 2025, the result of an aggressive stabilization push to tame one of the world’s most entrenched inflation crises.
Türkiye has followed a similar path, with projected inflation easing from 58.5% in 2024 to 34.9% in 2025 and 28.6% in 2026. In both cases, the headline number is still high by global standards, but the trajectory is firmly downward.
Notably, these two outliers are also among the G20’s smaller economies, at a projected $688 billion and $1.6 trillion in nominal GDP, respectively.
For a wider view beyond the G20, check out this world map of global inflation forecasts by country in 2026.
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To learn more about inflation, check out this graphic breaking down price increases across different categories on Voronoi.
