Photographs: Philimon Bulawayo/Reuters
When a country experiences very high and unusual price rise, it leads to a situation called hyperinflation. In this event, the currency starts losing its value and prices of commodities start rising on a daily basis.
For example, hyperinflation in Georgia caused prices of all commodities to double in 20 days.
Some of the biggest economies of today, such as Brazil, have seen sudden and rapid increase in prices of goods and steep decline in the value of money.
Let's take a look at some of the worst hyperinflation episodes in the history.
Source: cato.org
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Nations that saw fastest price rise, biggest fall in currency
Photographs: David Mdzinarishvili/Reuters
Georgia
Start date of hyperinflation: March 1992
End date of hyperinflation: April 1992
Month that saw highest inflation rate: March 1992
Highest monthly inflation rate: 198 per cent
Daily inflation rate: 3.70 per cent
Time it took for prices to double: 19.3 days
Currency: Russian Ruble
Overall rank in hyperinflation: 1
Georgia, which was part of USSR, went through severe economic trouble in the 1990s due to several factors, including rampant tax evasion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Enrique Marcarian/Reuters
Argentina
Start date of hyperinflation: May 1989
End date of hyperinflation: March 1990
Month that saw highest inflation rate: July 1989
Highest monthly inflation rate: 197 per cent
Daily inflation rate: 3.69 per cent
Time it took for prices to double: 19.4 days
Currency: Austral
Overall rank in hyperinflation: 2
Argentina, which currently has inflation rate of 10.8 per cent, now has a GDP of $475.0 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Jorge Silva/Reuters
Bolivia
Start date of hyperinflation: April 1984
End date of hyperinflation: September 1985
Month that saw highest inflation rate: February 1985
Highest monthly inflation rate: 183 per cent
Daily inflation rate: 3.53 per cent
Time it took for prices to double: 20.3 days
Currency: Boliviano
Overall rank in hyperinflation: 3
Bolivia, which currently has inflation rate of 4.7 per cent, now has a GDP of $27.12 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Vasily Fedosenko/Reuters
Belarus
Start date of hyperinflation: January 1992
End date of hyperinflation: February 1992
Month that saw highest inflation rate: January 1992
Highest monthly inflation rate: 159 per cent
Daily inflation rate: 3.22 per cent
Time it took for prices to double: 22.2 days
Currency: Russian Ruble
Overall rank in hyperinflation: 4
Belarus, which currently has inflation rate of 18.1 per cent, now has a GDP of $58.22 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Vladimir Pirogov/Reuters
Kyrgyzstan
Start date of hyperinflation: January 1992
End date of hyperinflation: January 1992
Month that saw highest inflation rate: January 1992
Highest monthly inflation rate: 157 per cent
Daily inflation rate: 3.20 per cent
Time it took for prices to double: 22.3 days
Currency: Russian Ruble
Overall rank in hyperinflation: 5
Kyrgyzstan, which currently has inflation rate of 4.0 per cent, now has a GDP of $13.47 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Pavel Mikheev/Reuters
Kazakhstan
Start date of hyperinflation: January 1992
End date of hyperinflation: January 1992
Month that saw highest inflation rate: January 1992
Highest monthly inflation rate: 141 per cent
Daily inflation rate: 2.97 per cent
Time it took for prices to double: 24.0 days
Currency: Russian Ruble
Overall rank in hyperinflation: 6
Kazakhstan, which currently has inflation rate of 5.2 per cent, now has a GDP of $231.3 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Herwig Prammer/Reuters
Austria
Start date of hyperinflation: October 1921
End date of hyperinflation: September 1922
Month that saw highest inflation rate: August 1922
Highest monthly inflation rate: 129 per cent
Daily inflation rate: 2.80 per cent
Time it took for prices to double: 25.5 days
Currency: Crown
Overall rank in hyperinflation: 7
Austria, which currently has inflation rate of 2.6 per cent, now has a GDP of $395.5 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Stoyan Nenov/Reuters
Bulgaria
Start date of hyperinflation: February 1991
End date of hyperinflation: March 1991
Month that saw highest inflation rate: February 1991
Highest monthly inflation rate: 123 per cent
Daily inflation rate: 2.71 per cent
Time it took for prices to double: 26.3 days
Currency: Lev
Overall rank in hyperinflation: 8
Bulgaria, which currently has inflation rate of 3 per cent, now has a GDP of $50.78 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Shamil Zhumatov/Reuters
Uzbekistan
Start date of hyperinflation: January 1992
End date of hyperinflation: February 1992
Month that saw highest inflation rate: January 1992
Highest monthly inflation rate: 118 per cent
Daily inflation rate: 2.64 per cent
Time it took for prices to double: 27.0 days
Currency: Russian Ruble
Overall rank in hyperinflation: 9
Uzbekistan, which currently has inflation rate of 12.7 per cent, now has a GDP of $104.7 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: David Mdzinarishvili/Reuters
Azerbaijan
Start date of hyperinflation: January 1992
End date of hyperinflation: December 1994
Month that saw highest inflation rate: January 1992
Highest monthly inflation rate: 118 per cent
Daily inflation rate: 2.63 per cent
Time it took for prices to double: 27.0 days
Currency: Russian Ruble
Overall rank in hyperinflation: 10
Azerbaijan, which currently has inflation rate of 1.1 per cent, now has a GDP of $68.8 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: James Akena/Reuters
Congo (Zaire)
Start date of hyperinflation: October 1991
End date of hyperinflation: September 1992
Month that saw highest inflation rate: November 1991
Highest monthly inflation rate: 114 per cent
Daily inflation rate: 2.67 per cent
Time it took for prices to double: 27.70 days
Currency: Zaire
Overall rank in hyperinflation: 11
Congo, which currently has inflation rate of 10.5 per cent, now has a GDP of $28.03 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Mariana Bazo/Reuters
Peru
Start date of hyperinflation: September 1988
End date of hyperinflation: September 1988
Month that saw highest inflation rate: September 1988
Highest monthly inflation rate: 114 per cent
Daily inflation rate: 2.67 per cent
Time it took for prices to double: 27.70 days
Currency: Inti
Overall rank in hyperinflation: 12
Peru, which currently has inflation rate of 3.6 per cent, now has a GDP of $325.4 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Nicky Loh/Reuters
Taiwan
Start date of hyperinflation: October 1948
End date of hyperinflation: May 1949
Month that saw highest inflation rate: October 1948
Highest monthly inflation rate: 108 per cent
Daily inflation rate: 2.46 per cent
Time it took for prices to double: 28.9 days
Currency: Taipi
Overall rank in hyperinflation: 13
Taiwan, which currently has inflation rate of 1.4 per cent, now has a GDP of $466.8 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Laszlo Balogh/Reuters
Hungary
Start date of hyperinflation: March 1923
End date of hyperinflation: February 1924
Month that saw highest inflation rate: July 1923
Highest monthly inflation rate: 97.9 per cent
Daily inflation rate: 2.30 per cent
Time it took for prices to double: 30.9 days
Currency: Crown
Overall rank in hyperinflation: 14
Hungary, which currently has inflation rate of 1.7 per cent, now has a GDP of $225.5 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Victor Ruiz Caballero/Reuters
Chile
Start date of hyperinflation: October 1973
End date of hyperinflation: October 1973
Month that saw highest inflation rate: October 1973
Highest monthly inflation rate: 87.6 per cent
Daily inflation rate: 2.12 per cent
Time it took for prices to double: 33.5 days
Currency: Escudo
Overall rank in hyperinflation: 15
Chile, which currently has inflation rate of 3.0 per cent, now has a GDP of $268.17 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Ints Kalnins/Reuters
Estonia
Start date of hyperinflation: January 1992
End date of hyperinflation: February 1992
Month that saw highest inflation rate: January 1992
Highest monthly inflation rate: 87.2 per cent
Daily inflation rate: 2.11 per cent
Time it took for prices to double: 33.6 days
Currency: Russia Ruble
Overall rank in hyperinflation: 16
Estonia, which currently has inflation rate of 3.3 per cent, now has a GDP of $28.44 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Mike Hutchings/Reuters
Angola
Start date of hyperinflation: December 1994
End date of hyperinflation: January 1997
Month that saw highest inflation rate: May 1996
Highest monthly inflation rate: 84.1 per cent
Daily inflation rate: 2.06 per cent
Time it took for prices to double: 34.5 days
Currency: Kwanza
Overall rank in hyperinflation: 17
Angola, which currently has inflation rate of 10.3 per cent, now has a GDP of $130.4 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Ricardo Moraes/Reuters
Brazil
Start date of hyperinflation: December 1989
End date of hyperinflation: March 1990
Month that saw highest inflation rate: March 1990
Highest monthly inflation rate: 82.4 per cent
Daily inflation rate: 2.02 per cent
Time it took for prices to double: 35.1 days
Currency: Cruzado & Cruzeiro
Overall rank in hyperinflation: 18
Brazil, which currently has a GDP of $2.503 trillion, is now one of the fastest growing economies in the world.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Peter Andrews/Reuters
Poland
Start date of hyperinflation: October 1989
End date of hyperinflation: January 1990
Month that saw highest inflation rate: January 1990
Highest monthly inflation rate: 77.3 per cent
Daily inflation rate: 1.93 per cent
Time it took for prices to double: 36.8 days
Currency: Zloty
Overall rank in hyperinflation: 19
Poland, which currently has inflation rate of 3.7 per cent, now has a GDP of $799.2 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Source, Serouj Ourishian/Wikipedia Commons
Armenia
Start date of hyperinflation: January 1992
End date of hyperinflation: February 1992
Month that saw highest inflation rate: January 1992
Highest monthly inflation rate: 73.1 per cent
Daily inflation rate: 1.85 per cent
Time it took for prices to double: 38.4 days
Currency: Russian Ruble
Overall rank in hyperinflation: 20
Armenia, which currently has inflation rate of 7.7 per cent, now has a GDP of $10.06 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Source, VargaA/Wikipedia Commons
Tajikistan
Start date of hyperinflation: October 1995
End date of hyperinflation: November 1995
Month that saw highest inflation rate: November 1995
Highest monthly inflation rate: 65.2 per cent
Daily inflation rate: 1.69 per cent
Time it took for prices to double: 42.0 days
Currency: Ruble
Overall rank in hyperinflation: 21
Tajikistan, which currently has inflation rate of 6.4 per cent, now has a GDP of $17.72 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Ints Kalnins/Reuters
Latvia
Start date of hyperinflation: January 1992
End date of hyperinflation: January 1992
Month that saw highest inflation rate: January 1992
Highest monthly inflation rate: 64.4 per cent
Daily inflation rate: 1.67 per cent
Time it took for prices to double: 42.4 days
Currency: Russian Ruble
Overall rank in hyperinflation: 22
Latvia, which currently has inflation rate of 2.5 per cent, now has a GDP of $37.04 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Stringer/Reuters
Turkmenistan
Start date of hyperinflation: November 1995
End date of hyperinflation: January 1996
Month that saw highest inflation rate: January 1996
Highest monthly inflation rate: 62.5 per cent
Daily inflation rate: 1.63 per cent
Time it took for prices to double: 43.4 days
Currency: Manat
Overall rank in hyperinflation: 23
Turkmenistan, which currently has inflation rate of 10.5 per cent, now has a GDP of $47.55 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Joseph Agcaoili/Reuters
The Philippines
Start date of hyperinflation: January 1944
End date of hyperinflation: January 1944
Month that saw highest inflation rate: January 1944
Highest monthly inflation rate: 60.0 per cent
Daily inflation rate: 1.58 per cent
Time it took for prices to double: 44.9 days
Currency: Japanese War Notes
Overall rank in hyperinflation: 24
The Philippines, which currently has inflation rate of 2.1 per cent, now has a GDP of $257 billion.
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Nations that saw fastest price rise, biggest fall in currency
Photographs: Ognen Teofilovski/Reuters
Yugoslavia
Start date of hyperinflation: September 1989
End date of hyperinflation: December 1989
Month that saw highest inflation rate: December 1989
Highest monthly inflation rate: 59.7 per cent
Daily inflation rate: 1.57 per cent
Time it took for prices to double: 45.1 days
Currency: Dinar
Overall rank in hyperinflation: 25
Yugoslavia, which was made up of Bosnia and Herzegovina, Croatia, Macedonia, Montenegro, Serbia and Slovenia, finally split up in different countries in 1992.
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