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The 5 Worst Cases of Hyperinflation in History

Explore each case for the full story.

Hungary (1946)

Prices doubled roughly every 15.6 hours, making this the most extreme hyperinflation ever recorded. Hungary eventually abandoned the pengΕ‘ and introduced a new currency, the forint, to restore stability.

Zimbabwe (2008)

Monthly inflation reached the tens of billions of percent, the second-worst hyperinflation in recorded history, and the country issued a 100-trillion-dollar banknote before abandoning its currency entirely.

Weimar Germany (1923)

Triggered by the burden of World War I reparations, this is the most widely known case of hyperinflation, famous for stories of people needing a wheelbarrow full of banknotes just to buy a loaf of bread.

Venezuela (2016-2019)

A collapsing oil-dependent economy combined with political turmoil sent prices up by millions of percent, making this the defining hyperinflation case of the 21st century.

Yugoslavia (1993-1994)

Civil war and economic sanctions combined to produce one of the worst hyperinflations on record, ranked as the third most severe episode in history.

Why does hyperinflation happen?

Most cases of hyperinflation begin when a government, facing war, political turmoil, or severe economic collapse, starts printing money without restraint to cover its budget gap. The currency's value collapses in a very short period, and the resulting hardship for ordinary people is extreme.

Could it happen again?

As Venezuela shows, hyperinflation can still occur in the 21st century in countries facing sufficiently severe political and economic crises.

Frequently Asked Questions

How do countries recover from hyperinflation?

Recovery almost always requires scrapping the old currency entirely and introducing a new one, paired with a fundamental overhaul of government fiscal and monetary policy.

Could this still happen today?

Yes -- as Venezuela's case shows, hyperinflation can still emerge in the 21st century in countries facing severe enough political and economic crises.