Screens · Inflation
Countries in deflation
5 of the 138 countries with a current monthly CPI print have falling consumer prices: Chad (-2.0% in the year to July 2026), Niger (-2.0% in the year to July 2026), Mali (-1.3% in the year to July 2026), Costa Rica (-0.3% in the year to June 2026) and Benin (-0.1% in the year to July 2026).
| # | Country | Inflation, year over year | 3-year cumulative | Print month |
|---|---|---|---|---|
| 1 | Chad | -2.0% | 3% | Jul 2026 |
| 2 | Niger | -2.0% | 2% | Jul 2026 |
| 3 | Mali | -1.3% | 8% | Jul 2026 |
| 4 | Costa Rica | -0.3% | -1% | Jun 2026 |
| 5 | Benin | -0.1% | 2% | Jul 2026 |
Coverage: 138 countries have a monthly consumer price index with a print in the last 180 days. 2 more are held back today because their newest figure failed a check: an index rebased inside the window, a missing month a year back, or a print far outside the IMF's annual figures. A rebased index read naively publishes a price move that never happened, so those are left out rather than shown.
Not covered: 31 countries with no current monthly index
Afghanistan, Azerbaijan, Bhutan, Cameroon, Central African Republic, DR Congo, Cuba, Equatorial Guinea, Eritrea, Eswatini, Gabon, Gambia, Kosovo, Madagascar, Moldova, Myanmar, Nepal, New Zealand, Papua New Guinea, Qatar, Serbia, Solomon Islands, South Sudan, Sudan, Syria, Turkmenistan, United Arab Emirates, Vanuatu, Venezuela, Yemen, Zimbabwe. These publish no monthly index through ILOSTAT, or stopped more than six months ago. Absence from the table says nothing about their inflation; several would rank near the top.
Questions
What is deflation?
Deflation is a fall in the general level of consumer prices: the price index is lower than it was a year earlier, so year-over-year inflation is negative. It is different from disinflation, which is inflation that is positive but slowing.
Which countries have deflation right now?
Chad (-2.0% in the year to July 2026), Niger (-2.0% in the year to July 2026), Mali (-1.3% in the year to July 2026), Costa Rica (-0.3% in the year to June 2026) and Benin (-0.1% in the year to July 2026).
Does one negative month mean a country is in deflation?
No. This screen shows where the latest year-over-year print is negative. A single print can turn negative on food or fuel prices and reverse the next month. Sustained deflation is several such prints in a row.
Follow the moves
The weekly briefing says which countries' scores moved, and why. Free, every Monday.