1945: Hungary

Hungary’s period of hyperinflation tops the CATO Institute’s list as the country with the worst inflation rates. In July 1946, Hungary’s hyperinflation reached heights of 13,600,000,000,000,000%, according to the CATO Institute, with prices doubling nearly every 16 hours. Like other countries on this list, Hungary experienced hyperinflation as a result of World War I and II.

Already in a depleted state after the first World War, World War II and the overprinting of its currency hammered at Hungary’s economy. The country began to recover after financial reforms, but not before the country was ordered to pay massive reparations to Russia as part of a peace treaty.

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