Countries with the Lowest Inflation — and Deflation (2024)
Source: IMF World Economic Outlook·25 countries·Updated 2024
Low inflation or outright deflation can signal economic weakness or tight monetary policy. Here are the 25 countries with the lowest price changes in 2024.
Afghanistan leads with inflation, consumer prices (%) of -4.3%.
Switzerland ranks #2 at 0.6%.
Brunei Darussalam ranks #3 at 0.6%.
Liechtenstein ranks #4 at 0.6%.
Thailand ranks #5 at 0.7%.
Bottom 25 Countries by Inflation, Consumer Prices (%)
| # | Country | Inflation, Consumer Prices (%) | Year |
|---|---|---|---|
| 1 |  Afghanistan | -4.3% | 2024 |
| 2 |  Switzerland | 0.6% | 2026 |
| 3 |  Brunei Darussalam | 0.6% | 2026 |
| 4 |  Liechtenstein | 0.6% | 2026 |
| 5 |  Thailand | 0.7% | 2026 |
| 6 |  China | 0.7% | 2026 |
| 7 |  Bahrain | 0.8% | 2026 |
| 8 |  El Salvador | 1.0% | 2026 |
| 9 |  Bahamas, The | 1.0% | 2026 |
| 10 |  Seychelles | 1.1% | 2026 |
| 11 |  Grenada | 1.1% | 2026 |
| 12 |  Fiji | 1.1% | 2026 |
| 13 |  Macao SAR, China | 1.2% | 2026 |
| 14 |  Sri Lanka | 1.2% | 2024 |
| 15 |  Cyprus | 1.3% | 2026 |
| 16 |  Belgium | 1.3% | 2026 |
| 17 |  Singapore | 1.3% | 2026 |
| 18 |  Djibouti | 1.4% | 2026 |
| 19 |  St. Lucia | 1.5% | 2026 |
| 20 |  Oman | 1.5% | 2026 |
| 21 |  Cote d'Ivoire | 1.5% | 2026 |
| 22 |  France | 1.5% | 2026 |
| 23 |  Libya | 1.6% | 2026 |
| 24 |  Sweden | 1.6% | 2026 |
| 25 |  Ireland | 1.7% | 2026 |
Data from 192 countries is available. View full rankings →
FAQ
What is the lowest inflation, consumer prices (%) in 2024?
Afghanistan has the lowest inflation, consumer prices (%) at -4.3% in 2024.
How many countries are included in this ranking?
This article features the bottom 25 countries out of 192 with available data. Full rankings available on the indicator page.
Where does this data come from?
Data is sourced from the IMF World Economic Outlook. It is updated regularly as new releases become available.