Investors are bracing for longer inflation.

The Federal Reserve indicated that more restrictive monetary policy is in the cards amid strong employment gains. In Europe, while inflation has fallen, it is still far above the 2% target. Across the Euro area inflation is estimated to have reached 8.5% in January.

At the same time, as Visual Capitalist's Dorothy Neufeld and Sam Parker detail below, some countries have managed to tamp down inflation. Slower growth, cheaper import costs, and foreign exchange policy are some of the factors keeping inflation subdued.

As price pressures rattle global markets, the infographic below maps inflation rates globally using data from Trading Economics, focusing in on the countries with the lowest inflation levels.

Many of the lowest inflation rates around the world are located in Asia, including Macau, China, Hong Kong, and Taiwan. In this region, widespread lockdowns strained growth and consumer spending, lessening inflationary pressures. Last year, Chinese consumers saved $2.2 trillion in bank deposits during these restrictions which were lifted earlier this year.

Inflation in the region was impacted by several other factors. Earlier on in the pandemic, Asian countries including China were less impacted by rising food costs, services inflation, and supply-chain disruptions, unlike what was seen in North America and Europe.

But now as China has reopened, some signs of inflation are beginning to appear. Food prices are up 4.8% annually in December, and hotel rates are rising.

RankCountry / RegionInflation Rate, Year-Over-YearDate1???????? South Sudan-11.6%Dec 20222???????? Macau0.8%Nov 20223???????? China1.8%Dec 20224???????? Hong Kong SAR1.8%Nov 20225???????? Oman2.1%Nov 20226???????? Panama2.1%Dec 20227???????? Seychelles2.5%Dec 20228???????? Vanuatu2.7%Mar 20229???????? Taiwan2.7%Dec 202210???????? Switzerland2.8%Dec 202211???????? Liechtenstein2.8%Dec 202212???????? Benin2.8%Dec 202213???????? Maldives2.8%Nov 202214???????? Niger3.1%Dec 202215???????? Brunei3.1%Nov 202216???????? Bolivia3.2%Nov 202217???????? Kuwait3.2%Nov 202218???????? Saudi Arabia3.3%Dec 202219???????? Cambodia3.6%Oct 202220???????? Fiji3.6%Dec 202221???????? Ecuador3.7%Dec 202222???????? Japan3.8%Nov 202223???????? Libya3.8%Nov 202224???????? Bermuda3.8%Oct 202225???????? Bahrain3.9%Nov 202226???????? Malaysia4.0%Nov 202227???????? Palestine4.1%Dec 202228???????? Iraq4.2%Nov 202229???????? Jordan4.4%Dec 202230???????? Tajikistan4.5%Nov 202231???????? Vietnam4.6%Dec 202232???????? Bhutan4.6%Nov 202233???????? Tanzania4.8%Dec 202234???????? New Caledonia4.9%Dec 202235???????? South Korea5.0%Dec 202236???????? Israel5.3%Dec 202237???????? Luxembourg5.4%Dec 202238???????? Swaziland5.5%Oct 202239???????? Indonesia5.5%Dec 202240???????? Gabon5.7%Oct 202241???????? Ivory Coast5.7%Nov 202242???????? Spain5.7%Dec 202243???????? India5.7%Dec 202244???????? Brazil5.8%Dec 202245???????? Thailand5.9%Dec 202246???????? France5.9%Dec 202247???????? Norway5.9%Dec 202248???????? Qatar5.9%Dec 202249???????? Djibouti6.1%Sep 202250???????? Somalia6.1%Dec 202251???????? Trinidad and Tobago6.2%Sep 202252???????? Papua New Guinea6.3%Sep 202253???????? Puerto Rico6.3%Nov 202254???????? Canada6.3%Dec 202255???????? Bahamas6.5%Sep/2256???????? Belize6.5%Nov 202257???????? U.S.6.5%Dec 202258???????? Aruba6.6%Nov 202259???????? Singapore6.7%Nov 202260???????? East Timor6.7%Nov 202261???????? UAE6.8%Jun 202262???????? Namibia6.9%Dec 202263???????? Guyana6.9%Nov 202264???????? New Zealand7.2%Sep 202265???????? South Africa7.2%Dec 202266???????? Greece7.2%Dec 202267???????? Liberia7.2%Sep 202268???????? Australia7.3%Sep 202269???????? Malta7.3%Dec 202270???????? El Salvador7.3%Dec 202271???????? Albania7.4%Dec 202272???????? Cape Verde7.6%Dec 202273???????? Cameroon7.7%Sep 202274???????? Central African Republic7.7%Nov 202275???????? Togo7.7%Dec 202276???????? Mexico7.8%Dec 202277???????? Dominican Republic7.8%Dec 202278???????? Costa Rica7.9%Dec 202279???????? Cyprus7.9%Dec 202280???????? Mali8.0%Nov 202281???????? Nepal8.1%Nov 202282???????? Philippines8.1%Dec 202283???????? Paraguay8.1%Dec 202284???????? Barbados8.2%Oct 202285???????? Ireland8.2%Dec 202286???????? Uruguay8.3%Dec 202287???????? Morocco8.3%Nov 202288???????? Armenia8.3%Dec 202289???????? Peru8.5%Dec 202290???????? Lesotho8.5%Oct 202291???????? Algeria8.6%Nov 202292???????? Germany8.6%Dec 202293???????? Denmark8.7%Dec 202294???????? Bangladesh8.7%Dec 202295???????? Faroe Islands8.8%Sep 202296???????? Finland9.1%Dec 202297???????? Kenya9.1%Dec 202298???????? Cayman Islands9.2%Sep 202299???????? Guatemala9.2%Dec 2022100???????? Guinea Bissau9.4%Nov 2022

*Inflation rates based on latest available data.

Globally, one outlier is South Sudan. Political instability and violence have depressed growth and inflation, which stood at -11.6% in December. As it faces a severe humanitarian crisis, the country has the lowest inflation rate worldwide.

Oil-producing nation Oman has also seen low inflation, at 2.1%. One reason for this is that the Omani rial is pegged to the U.S. dollar, keeping the currency anchored. Inflation has remained moderate over the last decade in the country.

In Europe, Switzerland has the lowest inflation rate, at 2.8%, or roughly one-third of the Euro area’s. It is also the lowest rate in the OECD. The country’s strong currency has shielded it from inflationary pressures and high import prices.

Meanwhile, Swiss production prices have risen marginally above inflation, to 4.1% annually in mid-2022. Last year, the Swiss central bank raised interest rates for the first time since 2007 from -0.75% to -0.25% following 20 years of deflation.

Panama has the lowest rate in Latin America. The dollarization of the Panamanian balboa has helped quash price pressures. In July, the government regulated the price of 72 items to keep the cost of living from rising after three weeks of protests as inflation climbed as high as 5.2% during the course of 2022.

With the lowest inflation in Asia, Macau witnessed the tourism industry fall off a cliff given lockdown measures, and the economy saw both its GDP and inflation collapse in 2022. Its real GDP is projected to have fallen close to 30% for the year.

The IMF estimates that 84% of countries around the world will have lower inflation than last year. By 2024, both headline and core inflation are projected to remain above pre-pandemic levels at 4.1%.

Opposing forces of China’s reopening and weaker global growth could offset inflationary pressures, yet this interplay—among a host of other factors—remains to be seen.