Sunday, November 27, 2011

Comparing Inflation Rates by Country



I wanted to compare average inflation rates with the average change in price of gold for a number of countries. I don't want to imply that the average change in gold price should always equal the average change in the prices of all goods and services (the inflation rate). However, the change in gold price is an objective indicator of currency strength. If the price of gold goes up more in country A than in country B, then that means that country B has a stronger currency than country A. This suggests that inflation should be higher in country A than in country B. If country A reports lower inflation than country B, then that suggests that country A in underestimating inflation, or that country B is overestimating inflation.

The data below shows the country name, and currency abbreviation. It then has the number of years of data that I have for that country. So if years equals 5, then I have 5 years of data for the change in gold price and inflation. The start year is the year that data starts. For the Euro, many countries start in 1999. I then have the average change in the price of gold, and then the average change in inflation. The last column is the difference: average change in the price of gold minus the average inflation rate. The data is sorted by the difference column and the rank is shown as the first column.



RankCountryCurrencyYearsStart YearAvg Change
in Gold Price %
Avg Inflation %Difference
1ZimbabweZWD1219992.89253e+0064.63052.89252e+006
2LiberiaLRD121999856.3769.59845846.778
3TajikistanTJS2200937.29086.48730.8038
4Islamic Republic of IranIRR12199945.103715.006230.0976
5ArgentinaARS12199935.70097.9369227.764
6LibyaLYD12199927.80180.5227.2818
7SerbiaRSD12199946.691223.102823.5883
8Sierra LeoneSLL12199933.258610.748822.5099
9DominicaDOP12199924.55352.0702522.4833
10CyprusEUR3200822.35862.3716719.987
11Democratic Republic of CongoCDF4200745.531926.09119.4409
12BelarusBYR4200729.647710.987518.6602
13The GambiaGMD12199922.86926.2931716.5761
14Bosnia and HerzegovinaBAM5200619.26393.359215.9047
15SudanSDG3200827.494812.839714.6552
16IcelandISK12199920.26085.9096714.3511
17TanzaniaTZS12199920.82046.5669214.2535
18MozambiqueMZN12199923.740310.13513.6053
19Hong Kong SARHKD12199913.2431-0.26513.5081
20UruguayUYU12199920.99098.1786712.8122
21UgandaUGX12199918.58445.9590812.6253
22RwandaRWF4200721.89039.2932512.5971
23Dominican RepublicDOP12199924.553511.961312.5923
24MalawiMWK12199929.07516.826612.2485
25United KingdomGBP12199914.04111.9268312.1143
26TunisiaTND12199915.27043.2665812.0038
27AlgeriaDZD12199915.00043.0560811.9443
28EcuadorECS12199931.387519.502111.8854
29UzbekistanUZS3200823.868412.06911.7994
30BahrainBHD12199913.16191.3721711.7898
31TaiwanTWD12199912.66880.90633311.7625
32UkraineUAH12199925.125313.6511.4753
33NicaraguaNIO12199919.78388.3853311.3985
34Saudi ArabiaSAR12199913.20832.0798311.1284
35The BahamasBSD12199913.18842.0925811.0958
36EgyptEGP12199918.27167.1973311.0742
37JamaicaJMD12199921.748810.730411.0183
38BrazilBRL12199917.57486.5734211.0014
39ArmeniaAMD4200716.9626.0972510.8648
40PakistanPKR12199918.64067.7812510.8594
41ParaguayPYG12199918.68137.8325810.8487
42BangladeshBDT12199916.76425.92710.8372
43United StatesUSD12199913.2242.4608310.7632
44South AfricaZAR12199916.60035.8969210.7034
45Guinea-BissauXOF12199911.39090.70066710.6902
46GermanyEUR12199912.18061.5194210.6612
47BelizeBZD12199912.88552.238510.647
48Kyrgyz RepublicKGS4200722.957912.335510.6224
49IsraelILS12199912.93972.3322510.6074
50PanamaPAB12199913.03572.43910.5967
51LebanonLBP12199913.0322.4638310.5681
52BoliviaBOB12199915.09924.6082510.491
53MoldovaMDL4200718.60278.112510.4902
54EthiopiaETB12199920.617710.133810.4838
55SwedenSEK12199912.21421.7491710.465
56MexicoMXN12199916.50976.073510.4362
57AustriaEUR12199912.18061.752510.4281
58FranceEUR12199912.18061.75310.4276
59ChileCLP12199913.74763.3223310.4252
60FinlandEUR12199912.18061.7705810.41
61Brunei DarussalamBND12199910.88070.53033310.3503
62GuyanaGYD12199916.33636.0736710.2626
63BelgiumEUR12199912.18062.0551710.1254
64KazakhstanKZT12199919.20569.0872510.1184
65MoroccoMAD12199911.84741.7351710.1122
66JapanJPY1219999.80405-0.30208310.1061
67NetherlandsEUR12199912.18062.1476710.0329
68GeorgiaGEL4200717.0277.0222510.0048
69GabonXAF12199911.38671.397589.9891
70ItalyEUR12199912.18062.217929.96269
71LuxembourgEUR12199912.18062.225179.95544
72Solomon IslandsSBD12199918.29388.344759.94909
73SurinameSRD12199934.43324.48889.94423
74VietnamVND12199916.62426.7169.90818
75El SalvadorSVC12199912.98873.095759.89293
76PeruPEN12199912.47362.580759.89282
77MaltaEUR12199912.18062.456179.72444
78PortugalEUR12199912.18062.463259.71735
79Syrian Arab RepublicSYP12199913.85564.181259.67439
80IrelandEUR12199912.18062.527259.65335
81JordanJOD12199913.15623.545179.61103
82SingaporeSGD12199911.04481.476679.56814
83SwazilandSZL12199916.57097.043929.52696
84SenegalXOF12199911.39091.869429.52144
85ColombiaCOP12199915.81636.317339.49892
86DenmarkDKK12199911.58052.145259.43528
87Costa RicaCRC12199919.775310.39549.37991
88SpainEUR12199912.18062.83459.3461
89MaliXOF12199911.39092.157759.23311
90NigerXOF12199911.39092.200259.19061
91KuwaitKWD12199912.55513.374259.18089
92KoreaKRW12199912.05112.910429.14073
93ChadXAF12199911.38672.255339.13135
94SwitzerlandCHF12199910.00480.9195839.08519
95MalaysiaMYR12199911.26572.190089.07566
96GreeceEUR10200112.45523.40959.04572
97NamibiaNAD12199916.28937.278089.0112
98Burkina FasoXOF12199911.39092.382179.00869
99NorwayNOK12199911.10062.131588.96905
100Côte d'IvoireXOF12199911.39092.472178.91869
101MongoliaMNT12199917.8618.974338.88665
102CameroonXAF12199911.38672.61158.77518
103BhutanBTN12199913.9765.232428.74357
104PhilippinesPHP12199913.9465.220428.7256
105TogoXOF12199911.39092.671178.71969
106Central African RepublicXAF12199911.38672.902178.48451
107QatarQAR12199913.20524.728258.47695
108GuatemalaGTQ12199915.07326.613428.45981
109RomaniaRON12199926.418417.96848.44998
110New ZealandNZD12199910.84412.41558.42862
111TongaTOP12199915.76117.337758.42337
112BeninXOF12199911.39093.003258.38761
113United Arab EmiratesAED12199913.22264.885258.33739
114ThailandTHB12199910.67272.339758.33299
115PolandPLN12199912.06493.74858.31643
116NepalNPR12199914.62146.365258.25617
117Republic of CongoXAF12199911.38673.147678.23901
118Sri LankaLKR12199918.297610.11048.18721
119IndiaINR12199914.19676.011588.18513
120HondurasHNL12199916.22098.224677.99625
121CanadaCAD1219999.683592.056757.62684
122RussiaRUB12199926.911819.35837.55349
123MadagascarMKD5200617.20089.70067.5002
124EstoniaEEK12199911.54434.109427.43485
125LatviaLVL12199912.27864.934337.34431
126KenyaKES12199915.24547.910257.33511
127KiribatiAUD1219999.713932.623177.09076
128Papua New GuineaPGK12199915.03848.102586.93582
129TurkeyTRY12199932.285625.41786.86778
130Trinidad and TobagoTTD12199913.23536.402256.8331
131HungaryHUF12199913.17416.345836.82823
132TuvaluAUD1219999.713932.98686.72713
133AustraliaAUD1219999.713932.999676.71426
134LithuaniaLTL1219999.357542.887916.46963
135NigeriaNGN12199918.437711.97286.46492
136ZambiaZMK12199923.339417.35035.98911
137Equatorial GuineaXAF12199911.38675.424085.9626
138Czech RepublicCZK1219998.334122.619335.71478
139AzerbaijanAZN4200715.600211.1394.46118
140IndonesiaIDR12199912.66869.164923.50366
141IraqIQD12199914.728720.6578-5.92914
142MyanmarMMK12199913.86719.9443-6.07738
143BulgariaBGN121999-2.270586.08725-8.35783
144AngolaAOA12199942.489688.8199-46.3303

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