Hyperinflation is a situation where prices of all goods and services rise uncontrollably over a given period, aka it is extremely high inflation.
Hyperinflation is when prices rise by 50% or more per month, often caused by governments overprinting money to finance expenses like wars or debt, among other things.
Here is a list of countries grappling with hyperinflation, based on average consumer prices as per IMF’s World Economic Outlook data from October 2024!
Inflation: 59.6%
Venezuela entered hyperinflation in 2016 due to falling oil prices and oil firm shutdowns, prompting the government to print more money.
Inflation: 60.9%
Turkey's hyperinflation crisis began in 2019 due to unconventional monetary policies, the depreciation of the Turkish lira, et al.
Inflation: 120.6%
After its independence from Sudan in 2011, the country was plunged into a civil war (2013-2022) which hindered foreign investment and stunted economic growth.
Inflation: 200.1%
The civil war beginning April 15, 2023, has been the major cause of hyperinflation. The government has resorted to printing new money to finance the war efforts.
Inflation: 229.8%
Argentina’s chronic high inflation is rooted in persistent overspending financed by money creation and the devaluation of the peso.
Inflation: 635.3%
Zimbabwe has faced hyperinflation since the early 2000s. In November 2008, the inflation rate had reached 79.6 billion % per month, with prices doubling every 24.7 hours.
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