1. Food and non-alcoholic beverages – 17.37% rise
Food and non-alcoholic beverages have seen a 17.37% increase in the consumer price index when comparing June 2022 to the same month of this year. Considering that food and drink are an essential part of our day-to-day living, it is all the more discouraging to see this at the top of our list.

2. Restaurants and hotels – 9.52% rise
Next on our list are restaurants and hotels, and the consumer price index of this service has risen by 9.52% since last year. As a result of this inflation, consumers have to be more wary when eating out due to the increased cost of these services.

3. Communication – 9.29% rise
Completing our top three list of the products and services with the biggest rise in inflation is communication. From a consumer price index of 120.6 in June 2022, this score has increased to 131.8 as of June 2023, a 9.29% rise in communication items.

1. Transport – 1.68% drop
At the top of our ranking, and the only product/service which has seen a drop in its consumer price index, is transport. With a 1.68% decrease in inflation, your commute to and from work will set you back less money than it did this time last year.

2. Education – 3.19% rise
Despite a 3.19% rise in the consumer price index of education services, this is the second-lowest inflation rate of all products/services on our list. This inflation rate impacts everything from the budget for educational services to the salaries of those employed in the sector.

3. Miscellaneous goods and services – 6.48% rise
As the name suggests, miscellaneous goods and services encompass a range of products, including textiles and furniture, among others. The 6.48% inflation rate results from the consumer price index of this product/service increasing from 109.5 in June 2022 to 116.6 in June of this year.

1. Turkey – 38.21% rise
The inflation rate in Turkey has seen a 38.21% rise as of June 2023, which is higher than any other country on our list. With Turkey’s high inflation rate, this country has seen increases in everything from food to housing and transport, impacting tourists and residents alike.

2. Hungary – 20.10% rise
Next up on our list, with a 20.10% rise in inflation, is the European country of Hungary. The inflation rate here is expected to drop in the next few years, but for now, Hungary has the second-highest inflation rate of any country on our list.

3. Poland – 11.50% rise
Completing our top three list of countries with the biggest inflation rate is Poland. Anyone who owns their own company will understand how important it is to compare business energy deals, and this is no exception for the residents of Poland as energy prices continue to soar. This is one of the main reasons for this country’s 11.50% inflation rate.

1. Switzerland – 1.70% rise
The Swiss have been praised as having one of the most advanced economies in the world, boasting impressive industrial and agricultural sectors. As a result of Switzerland’s forward-thinking, this country’s inflation rate stands at 1.7%, which is lower than any other country on our list.

2. Greece – 1.80% rise
Greece takes second place on our list of countries with the lowest inflation rates. Greece’s booming tourism sector is responsible for much of its annual income, likely contributing to its low inflation rate of just 1.8%.

3. Spain – 1.90% rise
Completing our top three, and with an inflation rate of 1.9%, is Spain. As the third European country to feature in this ranking, it appears that this continent is clued up when it comes to the economy. An expected increase in oil prices may see Spain’s inflation rate increase in the future, but for now, it is the third lowest of all the countries on this list.

Methodology

We used the Office for National Statistics to find the average CPIH (overall index) for each product/ service type in the UK between June 2022 and June 2023.

We subtracted the June 2023 CPIH score from the June 2022 score before dividing this by the June 2022 score to calculate each product’s yearly inflation increase.

We used Trading Economics to find the inflation rate of every OECD country as of 2023.