{
  "p": "ons",
  "op": "post",
  "title": "The Hanke-Krus Hyperinflation Table",
  "url": "https://www.cato.org/sites/cato.org/files/pubs/pdf/hanke-krus-hyperinflation-table-may-2013.pdf",
  "author": "Cato Institute (@CatoInstitute)",
  "body": "## THE HANKE-KRUS HYPERINFLATION TABLE\n\n| LOCATION | START DATE | END DATE | MONTH WITH HIGHEST INFLATION RATE | HIGHEST MONTHLY INFLATION RATE | EQUIVALENT DAILY INFLATION RATE | TIME REQUIRED FOR PRICES TO DOUBLE | CURRENCY | TYPE OF PRICE INDEX |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Hungary | Aug. 1945 | Jul. 1946 | Jul. 1946 | 4.19 × 10^16% | 207% | 15.0 hours | Pengő | Consumer |\n| Zimbabwe | Mar. 2007 | Mid-Nov. 2008 | Mid-Nov. 2008 | 7.96 × 10^10% | 98.0% | 24.7 hours | Dollar | Implied Exchange Rate* |\n| Yugoslavia | Apr. 1992 | Jan. 1994 | Jan. 1994 | 313,000,000% | 64.6% | 1.41 days | Dinar | Consumer |\n| Republika Srpska | Apr. 1992 | Jan. 1994 | Jan. 1994 | 297,000,000% | 64.3% | 1.41 days | Dinar | Consumer |\n| Germany | Aug. 1922 | Dec. 1923 | Oct. 1923 | 29,500% | 20.9% | 3.70 days | Papiermark | Wholesale |\n| Greece | May. 1941 | Dec. 1945 | Oct. 1944 | 13,800% | 17.9% | 4.27 days | Drachma | Exchange Rate‡ |\n| China | Oct. 1947 | Mid-May 1949 | Apr. 1949 | 5,070% | 14.1% | 5.34 days | Yuan | Wholesale for Shanghai |\n| Free City of Danzig | Aug. 1922 | Mid-Oct. 1923 | Sep. 1923 | 2,440% | 11.4% | 6.52 days | German Papiermark | Exchange Rate** |\n| Armenia | Oct. 1993 | Dec. 1994 | Nov. 1993 | 438% | 5.77% | 12.5 days | Dram & Russian Ruble | Consumer |\n| Turkmenistan | Jan. 1992 | Nov. 1993 | Nov. 1993 | 429% | 5.71% | 12.7 days | Manat | Consumer |\n| Taiwan | Aug. 1945 | Sep. 1945 | Aug. 1945 | 399% | 5.50% | 13.1 days | Yen | Wholesale for Taipei |\n| Peru | Jul. 1990 | Aug. 1990 | Aug. 1990 | 397% | 5.49% | 13.1 days | Inti | Consumer |\n| Bosnia and Herzegovina | Apr. 1992 | Jun. 1993 | Jun. 1992 | 322% | 4.92% | 14.6 days | Dinar | Consumer |\n| France | May 1795 | Nov. 1796 | Mid-Aug. 1796 | 304% | 4.77% | 15.1 days | Mandat | Exchange Rate |\n| China    | 15 Jul. 1943 | Aug. 1945    | Jun. 1945  | 302%                             | 4.75%                          | 15.2 days                       | Yuan                              |  Wholesale for Shanghai|\n| Ukraine  | 16 Jan. 1992 | Nov. 1994    | Jan. 1992  | 285%                             | 4.60%                          | 15.6 days                       | Russian Ruble                     | Consumer |                      |\n| Poland   | 17 Jan. 1923 | Jan. 1924    | Oct. 1923  | 275%                             | 4.50%                          | 16.0 days                       | Marka                             | Wholesale |                      |\n| Nicaragua| 18 Jun. 1986 | Mar. 1991    | Mar. 1991  | 261%                             | 4.37%                          | 16.4 days                       | Córdoba                           | Consumer |                      |\n| Congo (Zaire) | 19 Nov. 1993 | Sep. 1994    | Nov. 1993  | 250%                             | 4.26%                          | 16.8 days                       | Zaïre                             | Consumer |                      |\n| Russia | 20 Jan. 1992 | Jan. 1992    | Jan. 1992  | 245%                             | 4.22%                          | 17.0 days                       | Ruble                             | Consumer |                      |\n| Bulgaria | 21 Feb. 1997 | Feb. 1997    | Feb. 1997  | 242%                             | 4.19%                          | 17.1 days                       | Lev                               | Consumer |                      |\n| Moldova  | 22 Jan. 1992 | Dec. 1993    | Jan. 1992  | 240%                             | 4.16%                          | 17.2 days                       | Russian Ruble                     | Consumer |                      |\n| Russia / USSR | 23 Jan. 1922 | Feb. 1924    | Feb. 1924  | 212%                             | 3.86%                          | 18.5 days                       | Ruble                             | Consumer |                      |\n| Georgia  | 24 Sep. 1993 | Sep. 1994    | Sep. 1994  | 211%                             | 3.86%                          | 18.6 days                       | Coupon                            | Consumer |                      |\n| Tajikistan | 25 Jan. 1992 | Oct. 1993    | Jan. 1992  | 201%                             | 3.74%                          | 19.1 days                       | Russian Ruble                     | Consumer |                      |\n| Georgia  | 26 Mar. 1992 | Apr. 1992    | Mar. 1992  | 198%                             | 3.70%                          | 19.3 days                       | Russian Ruble                     | Consumer |                      |\n| Argentina | 27 May 1989 | Mar. 1990 | Jul. 1989 | 197% | 3.69% | 19.4 days | Austral | Consumer |\n| Bolivia | 28 Apr. 1984 | Sep. 1985 | Feb. 1985 | 183% | 3.53% | 20.3 days | Boliviano | Consumer |\n| Belarus | 29 Jan. 1992 | Feb. 1992 | Jan. 1992 | 159% | 3.22% | 22.2 days | Russian Ruble | Consumer |\n| Kyrgyzstan | 30 Jan. 1992 | Jan. 1992 | Jan. 1992 | 157% | 3.20% | 22.3 days | Russian Ruble | Consumer |\n| Kazakhstan | 31 Jan. 1992 | Jan. 1992 | Jan. 1992 | 141% | 2.97% | 24.0 days | Russian Ruble | Consumer |\n| Austria | 32 Oct. 1921 | Sep. 1922 | Aug. 1922 | 129% | 2.80% | 25.5 days | Crown | Consumer |\n| Bulgaria | 33 Feb. 1991 | Mar. 1991 | Feb. 1991 | 123% | 2.71% | 26.3 days | Lev | Consumer |\n| Uzbekistan | 34 Jan. 1992 | Feb. 1992 | Jan. 1992 | 118% | 2.64% | 27.0 days | Russian Ruble | Consumer |\n| Azerbaijan | 35 Jan. 1992 | Dec. 1994 | Jan. 1992 | 118% | 2.63% | 27.0 days | Russian Ruble | Consumer |\n| Congo (Zaire) | 36 Oct. 1991 | Sep. 1992 | Nov. 1991 | 114% | 2.57% | 27.7 days | Zaïre | Consumer |\n| Peru | 37 Sep. 1988 | Sep. 1988 | Sep. 1988 | 114% | 2.57% | 27.7 days | Inti | Consumer |\n| Taiwan | 38 Oct. 1948 | May 1949 | Oct. 1948 | 108% | 2.46% | 28.9 days | Taipi | Wholesale for Taipei |\n| Hungary | 39 Mar. 1923 | Feb. 1924 | Jul. 1923 | 97.9% | 2.30% | 30.9 days | Crown | Consumer |\n| Chile | 40 Oct. 1973 | Oct. 1973 | Oct. 1973 | 87.6% | 2.12% | 33.5 days | Escudo | Consumer |\n| Estonia | Jan. 1992 | Feb. 1992 | Jan. 1992 | 87.2% | 2.11% | 33.6 days | Russian Ruble | Consumer |\n| Angola | Dec. 1994 | Jan. 1997 | May 1996 | 84.1% | 2.06% | 34.5 days | Kwanza | Consumer |\n| Brazil | Dec. 1989 | Mar. 1990 | Mar. 1990 | 82.4% | 2.02% | 35.1 days | Cruzado & Cruzeiro | Consumer |\n| Democratic Republic of Congo | Aug. 1998 | Aug. 1998 | Aug. 1998 | 78.5% | 1.95% | 36.4 days | Franc | Consumer |\n| Poland | Oct. 1989 | Jan. 1990 | Jan. 1990 | 77.3% | 1.93% | 36.8 days | Złoty | Consumer |\n| Armenia | Jan. 1992 | Feb. 1992 | Jan. 1992 | 73.1% | 1.85% | 38.4 days | Russian Ruble | Wholesale |\n| Tajikistan | Oct. 1995 | Nov. 1995 | Nov. 1995 | 65.2% | 1.69% | 42.0 days | Tajikistani Ruble | Wholesale |\n| Latvia | Jan. 1992 | Jan. 1992 | Jan. 1992 | 64.4% | 1.67% | 42.4 days | Russian Ruble | Consumer |\n| Turkmenistan | Nov. 1995 | Jan. 1996 | Jan. 1996 | 62.5% | 1.63% | 43.4 days | Manat | Consumer |\n| Philippines | Jan. 1944 | Dec. 1944 | Jan. 1944 | 60.0% | 1.58% | 44.9 days | Japanese War Notes | Consumer |\n| Yugoslavia | Sep. 1989 | Dec. 1989 | Dec. 1989 | 59.7% | 1.57% | 45.1 days | Dinar | Consumer |\n| Germany | Jan. 1920 | Jan. 1920 | Jan. 1920 | 56.9% | 1.51% | 46.8 days | Papiermark | Wholesale |\n| Kazakhstan | Nov. 1993 | Nov. 1993 | Nov. 1993 | 55.5% | 1.48% | 47.8 days | Tenge & Russian Ruble | Consumer |\n| Lithuania| Jan. 1992 | Jan. 1992 | Jan. 1992 | 54.0% | 1.45% | 48.8 days | Russian Ruble | Consumer |\n| Belarus  | Aug. 1994 | Aug. 1994 | Aug. 1994 | 53.4% | 1.44% | 49.3 days | Consumer | - | - |\n| Taiwan   | Feb. 1947 | Feb. 1947 | Feb. 1947 | 50.8% | 1.38% | 51.4 days | Taipi | Wholesale for Taipei |"
}