G20 Inflation Tracker: July

The G20 is a group of the world’s biggest economies—including countries like the U.S., China, India, Germany, and Brazil. Together, they account for 85% of global GDP and over 75% of international trade, making it crucial to track economic trends within this group.

Changes in inflation across G20 countries can lead to important policy decisions—like raising interest rates or tightening spending—which can have a ripple effect across the global economy.

This is especially important now, as the world faces trade tensions, slowing growth, and a push toward protectionism.

In July 2025, inflation levels across the G20 once again painted a mixed picture:

Key Highlights:

• Argentina and Turkey remain outliers, with inflation at 36.6% and 33.5%—the highest in the G20 despite some cooling.
• The United States held steady at 2.7%, lower than expected even amid tariff pressures.
• The United Kingdom saw inflation climb to 3.8%, running hotter than market forecasts.
• China recorded 0% inflation, underscoring persistent weak demand and deflationary pressures.
• India managed inflation at just 1.5%—the lowest in the G20 outside China.
• Australia, now included, posted 2.8% inflation—its highest in over two years, led by housing and energy.

Most other G20 economies remained in the 2–4% range, pointing to a relatively stable price environment.

Source: National statistics offices of respective countries.

Additional reference: Financial Times inflation and interest rate tracker.