Every documented hyperinflation
All 56 episodes in recorded history that meet the Cagan threshold: prices rising by more than 50 percent in a single month. Compiled from primary price data by Steve Hanke and Nicholas Krus and published as the World Hyperinflation Table. Not one of the 56 happened under a commodity standard. Every one happened in paper or in a credit money the state could expand at will.
Click a column header to sort.
| 1 | Hungary | Aug. 1945 | Jul. 1946 | Jul. 1946 | 4.19 × 1016 % | 207% | 15.0 hours | Pengő | Consumer |
| 2 | Zimbabwe* | Mar. 2007 | Mid Nov. 2008 | Mid Nov. 2008 | 7.96 × 1010 % | 98.0% | 24.7 hours | Dollar | Implied Exchange Rate |
| 3 | Yugoslavia | Apr. 1992 | Jan. 1994 | Jan. 1994 | 313,000,000% | 64.6% | 1.41 days | Dinar | Consumer |
| 4 | Republika Srpska† | Apr. 1992 | Jan. 1994 | Jan. 1994 | 297,000,000% | 64.3% | 1.41 days | Dinar | Consumer |
| 5 | Germany | Aug. 1922 | Dec. 1923 | Oct. 1923 | 29,500% | 20.9% | 3.70 days | Papiermark | Wholesale |
| 6 | Greece‡ | May 1941 | Dec. 1945 | Oct. 1944 | 13,800% | 17.9% | 4.27 days | Drachma | Exchange Rate |
| 7 | China§ | Oct. 1947 | Mid May 1949 | Apr. 1949 | 5,070% | 14.1% | 5.34 days | Yuan | Wholesale for Shanghai |
| 8 | Free City of Danzig** | Aug. 1922 | Mid Oct. 1923 | Sep. 1923 | 2,440% | 11.4% | 6.52 days | German Papiermark | Exchange Rate |
| 9 | Armenia | Oct. 1993 | Dec. 1994 | Nov. 1993 | 438% | 5.77% | 12.5 days | Dram & Russian Ruble | Consumer |
| 10 | Turkmenistan†† | Jan. 1992 | Nov. 1993 | Nov. 1993 | 429% | 5.71% | 12.7 days | Manat | Consumer |
| 11 | Taiwan | Aug. 1945 | Sep. 1945 | Aug. 1945 | 399% | 5.50% | 13.1 days | Yen | Wholesale for Taipei |
| 12 | Peru | Jul. 1990 | Aug. 1990 | Aug. 1990 | 397% | 5.49% | 13.1 days | Inti | Consumer |
| 13 | Bosnia and Herzegovina | Apr. 1992 | Jun. 1993 | Jun. 1992 | 322% | 4.92% | 14.6 days | Dinar | Consumer |
| 14 | France | May 1795 | Nov. 1796 | Mid Aug. 1796 | 304% | 4.77% | 15.1 days | Mandat | Exchange Rate |
| 15 | China | Jul. 1943 | Aug. 1945 | Jun. 1945 | 302% | 4.75% | 15.2 days | Yuan | Wholesale for Shanghai |
| 16 | Ukraine | Jan. 1992 | Nov. 1994 | Jan. 1992 | 285% | 4.60% | 15.6 days | Russian Ruble | Consumer |
| 17 | Poland | Jan. 1923 | Jan. 1924 | Oct. 1923 | 275% | 4.50% | 16.0 days | Marka | Wholesale |
| 18 | Nicaragua | Jun. 1986 | Mar. 1991 | Mar. 1991 | 261% | 4.37% | 16.4 days | Córdoba | Consumer |
| 19 | Congo (Zaire) | Nov. 1993 | Sep. 1994 | Nov. 1993 | 250% | 4.26% | 16.8 days | Zaïre | Consumer |
| 20 | Russia†† | Jan. 1992 | Jan. 1992 | Jan. 1992 | 245% | 4.22% | 17.0 days | Ruble | Consumer |
| 21 | Bulgaria | Feb. 1997 | Feb. 1997 | Feb. 1997 | 242% | 4.19% | 17.1 days | Lev | Consumer |
| 22 | Moldova | Jan. 1992 | Dec. 1993 | Jan. 1992 | 240% | 4.16% | 17.2 days | Russian Ruble | Consumer |
| 23 | Russia / USSR | Jan. 1922 | Feb. 1924 | Feb. 1924 | 212% | 3.86% | 18.5 days | Ruble | Consumer |
| 24 | Georgia | Sep. 1993 | Sep. 1994 | Sep. 1994 | 211% | 3.86% | 18.6 days | Coupon | Consumer |
| 25 | Tajikistan†† | Jan. 1992 | Oct. 1993 | Jan. 1992 | 201% | 3.74% | 19.1 days | Russian Ruble | Consumer |
| 26 | Georgia | Mar. 1992 | Apr. 1992 | Mar. 1992 | 198% | 3.70% | 19.3 days | Russian Ruble | Consumer |
| 27 | Argentina | May 1989 | Mar. 1990 | Jul. 1989 | 197% | 3.69% | 19.4 days | Austral | Consumer |
| 28 | Bolivia | Apr. 1984 | Sep. 1985 | Feb. 1985 | 183% | 3.53% | 20.3 days | Boliviano | Consumer |
| 29 | Belarus†† | Jan. 1992 | Feb. 1992 | Jan. 1992 | 159% | 3.22% | 22.2 days | Russian Ruble | Consumer |
| 30 | Kyrgyzstan†† | Jan. 1992 | Jan. 1992 | Jan. 1992 | 157% | 3.20% | 22.3 days | Russian Ruble | Consumer |
| 31 | Kazakhstan†† | Jan. 1992 | Jan. 1992 | Jan. 1992 | 141% | 2.97% | 24.0 days | Russian Ruble | Consumer |
| 32 | Austria | Oct. 1921 | Sep. 1922 | Aug. 1922 | 129% | 2.80% | 25.5 days | Crown | Consumer |
| 33 | Bulgaria | Feb. 1991 | Mar. 1991 | Feb. 1991 | 123% | 2.71% | 26.3 days | Lev | Consumer |
| 34 | Uzbekistan†† | Jan. 1992 | Feb. 1992 | Jan. 1992 | 118% | 2.64% | 27.0 days | Russian Ruble | Consumer |
| 35 | Azerbaijan | Jan. 1992 | Dec. 1994 | Jan. 1992 | 118% | 2.63% | 27.0 days | Russian Ruble | Consumer |
| 36 | Congo (Zaire) | Oct. 1991 | Sep. 1992 | Nov. 1991 | 114% | 2.57% | 27.7 days | Zaïre | Consumer |
| 37 | Peru | Sep. 1988 | Sep. 1988 | Sep. 1988 | 114% | 2.57% | 27.7 days | Inti | Consumer |
| 38 | Taiwan | Oct. 1948 | May 1949 | Oct. 1948 | 108% | 2.46% | 28.9 days | Taipi | Wholesale for Taipei |
| 39 | Hungary | Mar. 1923 | Feb. 1924 | Jul. 1923 | 97.9% | 2.30% | 30.9 days | Crown | Consumer |
| 40 | Chile | Oct. 1973 | Oct. 1973 | Oct. 1973 | 87.6% | 2.12% | 33.5 days | Escudo | Consumer |
| 41 | Estonia†† | Jan. 1992 | Feb. 1992 | Jan. 1992 | 87.2% | 2.11% | 33.6 days | Russian Ruble | Consumer |
| 42 | Angola | Dec. 1994 | Jan. 1997 | May 1996 | 84.1% | 2.06% | 34.5 days | Kwanza | Consumer |
| 43 | Brazil | Dec. 1989 | Mar. 1990 | Mar. 1990 | 82.4% | 2.02% | 35.1 days | Cruzado & Cruzeiro | Consumer |
| 44 | Democratic Republic of Congo | Aug. 1998 | Aug. 1998 | Aug. 1998 | 78.5% | 1.95% | 36.4 days | Franc | Consumer |
| 45 | Poland | Oct. 1989 | Jan. 1990 | Jan. 1990 | 77.3% | 1.93% | 36.8 days | Złoty | Consumer |
| 46 | Armenia†† | Jan. 1992 | Feb. 1992 | Jan. 1992 | 73.1% | 1.85% | 38.4 days | Russian Ruble | Wholesale |
| 47 | Tajikistan | Oct. 1995 | Nov. 1995 | Nov. 1995 | 65.2% | 1.69% | 42.0 days | Tajikistani Ruble | Wholesale |
| 48 | Latvia | Jan. 1992 | Jan. 1992 | Jan. 1992 | 64.4% | 1.67% | 42.4 days | Russian Ruble | Consumer |
| 49 | Turkmenistan†† | Nov. 1995 | Jan. 1996 | Jan. 1996 | 62.5% | 1.63% | 43.4 days | Manat | Consumer |
| 50 | Philippines | Jan. 1944 | Dec. 1944 | Jan. 1944 | 60.0% | 1.58% | 44.9 days | Japanese War Notes | Consumer |
| 51 | Yugoslavia | Sep. 1989 | Dec. 1989 | Dec. 1989 | 59.7% | 1.57% | 45.1 days | Dinar | Consumer |
| 52 | Germany | Jan. 1920 | Jan. 1920 | Jan. 1920 | 56.9% | 1.51% | 46.8 days | Papiermark | Wholesale |
| 53 | Kazakhstan | Nov. 1993 | Nov. 1993 | Nov. 1993 | 55.5% | 1.48% | 47.8 days | Tenge & Russian Ruble | Consumer |
| 54 | Lithuania | Jan. 1992 | Jan. 1992 | Jan. 1992 | 54.0% | 1.45% | 48.8 days | Russian Ruble | Consumer |
| 55 | Belarus | Aug. 1994 | Aug. 1994 | Aug. 1994 | 53.4% | 1.44% | 49.3 days | Belarusian Ruble | Consumer |
| 56 | Taiwan | Feb. 1947 | Feb. 1947 | Feb. 1947 | 50.8% | 1.38% | 51.4 days | Taipi | Wholesale for Taipei |
Notes from the source table
When hyperinflation pauses for 12 or more consecutive months below 50 percent per month, the periods count as separate episodes. The currency listed is the one with the highest monthly inflation in that location; it was not always the only currency in circulation.
* Zimbabwe: the rate from August to November 2008 was computed from the price of the Old Mutual share, traded in both Harare and London, which yields an implied exchange rate under purchasing power parity.
† Republika Srpska is a Serb majority, semi autonomous entity within Bosnia and Herzegovina. Its national bank issued its own dinar from 1992 to early 1994.
‡ Greece: estimated from the drachma to gold sovereign exchange rate.
§ China 1947 to 1949: revised against the authors’ earlier publications, based on new data obtained from the Library of Congress.
** Free City of Danzig: computed from German inflation data, since the German papiermark circulated in Danzig. Danzig peaked in September 1923, Germany itself in October 1923.
†† Post Soviet figures come from the World Bank Statistical Handbook: States of the Former USSR, which takes them from official internal government sources. The World Bank flags them for extra caution; they are the only data available for those months.
The authors also identify one further likely case: North Korea, December 2009 to mid January 2011, peaking near 496 percent per month in early March 2010, computed from black market exchange rates and rice prices. It is not a numbered row in the published table.
The table was published on 15 August 2012 and ends there. Later episodes are documented separately: Hanke dates the onset of Venezuela’s hyperinflation to November 2016, with a peak monthly rate of 233 percent in January 2019, and documented Lebanon crossing the 50 percent monthly threshold in July 2020. The pattern in every documented case is the same: a state finances its deficit with new money, and the money dies.