Inflation is one of those subjects that economists and business professionals always seem to be talking about, yet due to its gradual effect on society, it’s not something most people notice on a day-to-day basis. However, throughout history, there have been some cases of hyperinflation so severe that it’s devastated those affected. For those not familiar, hyperinflation is the term given to a nation’s currency that is rapidly dropping in value, causing the cost of everything to skyrocket overnight. It can absolutely devastate a country’s population as suddenly the money people spent their lives trying to earn is now considered worthless. Here are some of the most notorious examples.

Soviet Union

Following World War I, the early Soviet Union was facing an economic crisis when industrial production dropped to one-fifth of the level it had been before the war. Within a three-year period, between 1922 and 1924, there were three separate redenominations of the ruble, when new rubles replaced the old ones. The final exchange was a shocking 50,000 to 1 transfer to what was called the “gold ruble.”

Zimbabwe

Perhaps the most well-known case of hyperinflation, Zimbabwe’s dollar went from being worth about US$1.25 in the 1980s to trillions of Zimbabwe dollars per single US dollar by 2009. This extreme hyperinflation was caused by a combination of government corruption and failed land reform agreements that made money scarce.

Hungary

From 1945 to 1946, Hungary’s inflation was so bad that the value of its currency was halving every 15 hours on average. It’s considered the worst case of hyperinflation in history, caused by the need to pay post-war reparations and payments to the occupying Soviet army.

France

During the French Revolution, bonds called assignats were issued backed by seized church property that functioned similarly to the modern NFT. They were sheets of paper that claimed ownership over a property and were used to denote wealth. However, inflation quickly struck when mass counterfeiting caused the value of these bonds to rapidly become worthless, leading to inflation, until Napoleon replaced them with francs in 1803.

Yugoslavia

With a trade embargo placed on Yugoslavia in May of 1992, the dissolving nation saw its economy worsen even further, eventually leading to its dinar currency collapsing by 1994. After that, the Deutschmark was declared the region’s official currency, except in Serbia, which replaced the Yugoslavian dinar with the Serbian dinar.

Venezuela

Hyperinflation began across Venezuela in the mid-2010s and went on for several years, reaching 1,698,488% in 2018. It got so bad that, as of 2018, the government decided to stop reporting official inflation numbers as many stores even stopped listing prices of products due to how quickly the cost of everything was changing.

Austria

Much like the Soviet Union, Austria found itself struggling after the First World War with inflation rising as much as 129% during a single month in 1922. The Austrian banks multiplied banknote circulation by a factor of 288 between 1919 and 1922 in an effort to pay off debts, causing the currency to plummet in value.

Turkey

Turkey is currently dealing with hyperinflation. By March 2022, inflation reached as high as 60% as political unrest, the war in Ukraine, and the COVID-19 pandemic all caused the national economy to suffer, with the Turkish lira plummeting in value.

Peru

During the 1980s, Peru went through a case of hyperinflation that lasted well over a decade. At the time, the nation’s inti currency was so devalued that billions were needed just to reach the value of a single American dollar. The Neuvo Sol program introduced a new currency to the nation that helped stabilize the economy.

Greece

With both Germany and Italy occupying Greece during the early 1940s, prices skyrocketed as fears of upcoming shortages and a drop in exports began to take over the nation. By October 1944, inflation was as high as 13,800% as money continued to get printed to pay occupying forces.

Bolivia

Bolivia’s inflation during the 1970s and ’80s got so bad that, at one point, it reached an annual inflation rate of over 20,000%. It’s considered one of the largest cases of hyperinflation in human history, and was the only one that wasn’t caused by a war. The Bolivian peso was finally replaced in 1987 with the boliviano at a rate of one million to one.

China

In the late 1940s, the Chinese Civil War neared its end, and hyperinflation began to take over the nation. In total, prices rose by more than a thousandfold, and a number of currency reforms were needed, including one with a rate of a half a billion to one. By the end of the decade, inflation had spiked well over 5,000%.

Brazil

Following a military dictatorship that ended in 1985, Brazil’s economy plummeted into hyperinflation as the now uncontrolled printing of money caused prices to rise over one hundred billion percent. It’s one of the longest stretches of hyperinflation in history, lasting for well over a decade with annual inflation rates of over 100%.

Germany

Following the value of money in circulation after the First World War, the German Reichsbank began printing unlimited amounts of notes, causing rapid hyperinflation that shocked many other nations. By 1923, 100,000,000,000,000 mark notes were being printed and soon a one trillion to one exchange was issued in an attempt to re-stabilize the economy.

North Korea

Reports out of North Korea around 2010 indicate that the secretive nation was experiencing a drastic case of hyperinflation that even saw a failed currency reform take place. The nation attempted a 100 to 1 currency conversion but put limits on how much money could be converted, and said all the old tender would be void within a week. This caused understandable pushback that quickly became noticed by the global press.