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Nations that saw fastest price rise, biggest fall in currency

Last updated on: October 17, 2013 14:13 IST

Image: A vendor arranges eggs on a new 100 billion Zimbabwean dollar note in Harare.
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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Tags: Brazil

Nations that saw fastest price rise, biggest fall in currency

Image: A view of the Presidential Palace in Tbilisi, Georgia.
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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Tags: USSR , Georgia

Nations that saw fastest price rise, biggest fall in currency

Image: Overview of Buenos Aires' 9 de Julio Avenue with the Obelisk in the background, Argentina.
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

Image: A wild family of vicunas or vicugnas cross a road in the Bolivian highlands.
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

Image: People walk during heavy snowfall in central Minsk, Belarus.
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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Tags: Belarus , GDP

Nations that saw fastest price rise, biggest fall in currency

Image: A herdsman leads his horses home in the mountains of Kyrgyzstan, about 40km north of the capital Bishkek.
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

Image: A view of Astana, Kazakhstan.
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

Image: People enjoy the evening at Donaukanal in the centre of Vienna, Austria.
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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Tags: Austria , GDP

Nations that saw fastest price rise, biggest fall in currency

Image: A man rides a horse near Sofia, Bulgaria.
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

Image: Men bake traditional bread at a private bakery in Tashkent, Uzbekistan.
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

Image: A view of the main government building in central Baku, Azerbaijan.
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

Image: Tourists take pictures of a mountain gorilla in Virunga national park in Congo.
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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Tags: Congo , Zaire , GDP

Nations that saw fastest price rise, biggest fall in currency

Image: A view of the main plaza in Cuzco, Peru.
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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Tags: Peru , GDP

Nations that saw fastest price rise, biggest fall in currency

Image: Visitors walk out of the National Museum in Taipei, Taiwan.
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

Image: People fight with pillows during the second International Pillow Fighting Day in the centre of Budapest, Hungary.
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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Tags: Hungary , GDP

Nations that saw fastest price rise, biggest fall in currency

Image: A view of Santiago City, Chile.
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

Image: A view of Estonia's capital Tallinn.
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

Image: Dusk settles over the Angolan capital, Luanda.
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

Image: Tourists take pictures with the Rodrigo de Freitas Lagoon in the background in Rio de Janeiro, Brazil.
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

Image: A view of Warsaw, Poland.
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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Tags: Poland , GDP

Nations that saw fastest price rise, biggest fall in currency

Image: A view of Yerevan, the capital of Armenia.
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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Tags: Armenia , GDP

Nations that saw fastest price rise, biggest fall in currency

Image: A view of the Presidential Palace in Dushanbe, Tajikistan.
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

Image: A view of Riga, Latvia.
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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Tags: Latvia , GDP

Nations that saw fastest price rise, biggest fall in currency

Image: A view of Avaza resort in Turkmenistan.
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

Image: A view of Eastwood City near Manila, the Philippines.
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

Image: A man walks near trees illuminated with Christmas lights in Skopje, Macedonia. The country was part of Yugoslavia until 1991.
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.