The 10 Worst Cases of Hyperinflation in History

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It’s hard to escape the current news of global inflation, with many people experiencing double-digit price hikes on necessities. What exactly is inflation? It’s a measure of the average price level of goods and services over time. When a country experiences inflation, its currencies’ purchasing power gets reduced.

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The U.S. inflation rate reached 9.1% in June 2022, the highest rate since 1982. This has caused increased mortgage rates, and increased prices for goods and services. In this article, we’ll review 10 incidents of some of the worst hyperinflation in history and its consequences.

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Worst Hyperinflation in History

Greece faced a severe period of inflation during World War II. The government needed to finance the country’s war effort, the black market, and profiteering. Prices doubled every 4.3 days. The situation became so bad that some people were even forced to eat insects to survive.

Yugoslavia was also hit by an inflation crisis that caused the value of their currency, the Dinar, to drop. The prices doubled every 34 hours. As a result, it was difficult for citizens to purchase everyday items like food and clothing. Many resorted to smuggling goods to get by.

In October 1923, Germany faced a period of extreme inflation. The government had printed too much money to finance war operations, and prices were skyrocketing.

Thanks to years of economic mismanagement by the government of Zimbabwe, in November 2008, inflation hit its peak. The country’s inflation rate was, month over month, 2,600%, or more than 231 million percent on a year-over-year basis.

Hungary experienced a high level of inflation after the end of World War II. The country’s currency, the Forint, was not pegged to the U.S. dollar or any other currency. As a result, it was vulnerable to sharp devaluations.

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The 10 Worst Cases of Hyperinflation in History

The U.S. inflation rate reached 9.1% in June 2022, the highest rate since 1982. This has caused increased mortgage rates, and increased prices for goods and services. In this article, we’ll review 10 incidents of some of the worst hyperinflation in history and its consequences.

Worst Hyperinflation in History

Greece faced a severe period of inflation during World War II. The government needed to finance the country’s war effort, the black market, and profiteering. Prices doubled every 4.3 days. The situation became so bad that some people were even forced to eat insects to survive.

1. Greece: October 1944

Yugoslavia was also hit by an inflation crisis that caused the value of their currency, the Dinar, to drop. The prices doubled every 34 hours. As a result, it was difficult for citizens to purchase everyday items like food and clothing. Many resorted to smuggling goods to get by.

2. Yugoslavia: October 1994

In October 1923, Germany faced a period of extreme inflation. The government had printed too much money to finance war operations, and prices were skyrocketing.

3. Germany: October 1923

Thanks to years of economic mismanagement by the government of Zimbabwe, in November 2008, inflation hit its peak. The country’s inflation rate was, month over month, 2,600%, or more than 231 million percent on a year-over-year basis.

4. Zimbabwe: November 2008

Hungary experienced a high level of inflation after the end of World War II. The country’s currency, the Forint, was not pegged to the U.S. dollar or any other currency. As a result, it was vulnerable to sharp devaluations.

5. Hungary: 1946

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