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.
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.
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.
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.