The strength of the U.S. dollar has been making headlines lately, as plunging oil prices and worldwide economic weakness have affected many other nations in recent months.
Americans enjoy the stability of the dollar, and many likely don’t know how much of an issue inflation can be in less-stable economies around the world.
Here’s a list of the 10 countries with the highest inflation rates in 2014, according to Statistica.
10. Liberia: 11.43 percent
Liberia suffered a nightmarish 2014, as the country was at the center of the ebola outbreak in Aftrica. When workers and farmers abandoned their jobs out of fear, the country’s delicate economy descended into chaos.
9. Ukraine: 11.43 percent
Ukraine is another country that had an exceptionally unstable year. Political protests, a displaced government, Russian annexation of Crimea and a war between the new Ukranian government and pro-Russian fighters wreaked havoc on the country’s currency.
8. Eritrea: 12.26 percent
The African nation has had a rapidly-expanding economy in recent years, bolstered by gold and silver mining in the region. However, 2014 was a rough year for the country’s currency.
7. Mongolia: 14.1 percent
Mongolia’s economy had been growing rapidly in recent years, but declining foreign investment and coal exports cooled the economy this past year.
6. Ghana: 15.73 percent
Housing, water, electricity, gas and other fuels saw pricing spikes in Ghana in 2014 and weakened the African country’s currency.
5. Belarus: 18.58 percent
The panic over hyperinflation led to government capital controls in Belarus in 2014, as the decline in the Russian ruble dragged Belarus down as well.
4. Malawi: 19.57 percent
Inflation soared in Malawi in 2014 when food prices spiked due to a $150 million aid freeze from Malawi’s major donors.
3. Islamic Republic of Iran: 19.85 percent
High gas prices, high interest rates, high power and water prices and suffocating American sanctions drove Iran’s inflation rate to nearly 20 percent in 2014.
2. Sudan: 38.02 percent
Sudan’s economy has struggled ever since South Sudan seceded in 2011, taking with it 75 percent of the country’s oil assets.
1. Venezuela: 64.26 percent
Things have gotten so bad in Venezuela that major companies are jumping ship.
Reuters recently reported that after The Clorox Co CLX 0.45% ended operations in Venezuela last year, and 3M Company MMM 0.19% is now considering a Venezuela exit as well.
Toy maker Mattel Inc MAT 3.33% is also reportedly considering shutting down operations in Venezuela due to the staggering inflation and economic instability.
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