Ten G20 countries expected to record the highest inflation rates in 2026

Inflation may no longer dominate global headlines as it did during the post-pandemic price surge, but it remains a critical measure of economic stability across the world’s largest economies.

According to the International Monetary Fund’s latest projections, inflation rates across the G20 are expected to diverge sharply in 2026. Argentina and Türkiye are forecast to record inflation rates close to 30%, making them clear outliers among major economies. In contrast, every other G20 member is projected to keep inflation below 6%.

The figures underscore the uneven recovery from the inflation shock triggered by pandemic disruptions, supply chain bottlenecks, and rising energy costs. While many central banks have successfully slowed price growth through tighter monetary policies, some economies continue to struggle with persistent inflationary pressures.

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For households, the outlook remains significant, as inflation directly affects the cost of essentials including food, housing, transportation, and other daily expenses.

Here are the 10 G20 economies forecast to record the highest average annual inflation rates in 2026.

1. Argentina — 30.4%

Argentina is expected to record the highest inflation rate in the G20 for another year, with consumer prices projected to rise by an average of 30.4% in 2026.

Although inflation has eased compared with previous years, rising prices continue to affect household budgets and business costs across the country. With a projected nominal GDP of $0.7 trillion, Argentina remains one of the smallest economies in the G20, yet it faces one of the group’s largest economic challenges.

2. Türkiye — 28.6%

Türkiye follows closely behind Argentina with projected inflation of 28.6%.

The country has spent several years attempting to slow price growth through changes in monetary and economic policy. While inflation is expected to remain high by international standards, the forecast suggests a continuation of the downward trend seen since earlier peaks. Türkiye’s economy is projected to reach $1.6 trillion in 2026.

3. Russia — 5.6%

Russia ranks third with a projected inflation rate of 5.6%.

The gap between Russia and the top two countries is significant. Russia’s forecast is less than one-fifth of Argentina’s rate, highlighting how isolated the two highest-ranking countries have become within the G20 inflation landscape. Russia is expected to generate $2.7 trillion in nominal GDP this year.

4. India — 4.7%

India is forecast to record inflation of 4.7% in 2026.

As one of the world’s fastest-growing major economies, India continues to balance economic expansion with efforts to maintain price stability. Despite inflation remaining above levels seen in some advanced economies, the rate is expected to stay within a manageable range. India’s nominal GDP is projected at $4.2 trillion.

5. Brazil — 4.0%

Brazil is expected to post an average inflation rate of 4.0%.

The country’s inflation outlook reflects a period of relative stability compared with the sharp price increases experienced in many parts of the world earlier in the decade. Brazil’s economy is projected to reach $2.6 trillion in nominal GDP in 2026.

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6. Australia — 4.0%

Australia shares the same inflation forecast as Brazil, with consumer prices expected to rise by 4.0%.

The figure suggests inflation remains above the levels targeted by many central banks, but far below the rates seen during the global inflation shock. Australia’s economy is forecast to produce $2.1 trillion in nominal GDP.

7. Mexico — 3.9%

Mexico is projected to record inflation of 3.9% in 2026.

The country’s economy has shown resilience in recent years, supported by manufacturing, trade and investment flows. With a projected GDP of $2.1 trillion, Mexico remains one of Latin America’s largest economies.

8. South Africa — 3.9%

South Africa also carries a projected inflation rate of 3.9%.

The forecast places the country among the middle tier of G20 economies for inflation. While price growth remains a concern for many households, the expected rate is considerably lower than levels recorded in several emerging markets during recent years. South Africa’s nominal GDP is projected at $0.5 trillion.

9. United States — 3.2%

The United States is forecast to record inflation of 3.2% in 2026.

As the world’s largest economy, movements in US inflation are watched closely by investors, businesses and policymakers around the globe. The country is projected to generate $32.4 trillion in nominal GDP, making it by far the largest economy in the G20.

10. United Kingdom — 3.2%

The United Kingdom rounds out the top 10 with an inflation forecast of 3.2%.

The projected rate suggests that price pressures have eased substantially compared with the levels experienced earlier in the decade. With a nominal GDP forecast of $4.3 trillion, the UK remains one of Europe’s largest economies.