When we hear the word 'inflation', surely many of us start to complain.
Yes, the increase in the price of increasingly expensive goods is the reason why many people choose to do two to three jobs a day.
That's just inflation. Ever heard of Hyperinflation? Must be worse?
These are 10 countries that have faced the 'nightmare'.
10. Indonesia
This country was once recorded as facing hyperinflation at the end of Soekarno's leadership as Prime Minister of Indonesia.
In 1962, annual inflation rose by 165% and peaked in 1965 at 600%.
At that time, a lot of money was printed to finance Soekarno's lighthouse projects.
However, the problem was successfully dealt with by the policy of the Minister of Finance, Syafrudin Prawiranegara by introducing a cunning policy which is now known as 'Gunting Syafruddin'.
9. Nicaragua
The country faced the worst hyperinflation in June 1986 until March 1991 with an increase of 4% per day. The situation makes the price of goods double every 16 days and 10 hours.
This hyperinflation was caused by the Nicaraguan Revolution where the Sandinistas came to power in 1979 until the financial crisis in many Latin American countries.
8. France
France once faced hyperinflation around May 1795 to November 1796. Daily inflation reached 5% and made the market price double every 15 days 2 hours.
This tragedy happened at the beginning of the French Revolution (1789-1799) which was when the country had a war debt against the United States and Great Britain.
The country leveraged the Catholic church as an economic resource because it was the best target for acquisition of assets and land.
7. Peru
In June 1990 to August 1990, Peru faced 5% inflation and made prices double every 13 days and 2 hours.
According to history, this hyperinflation occurred due to a long war and became the second inflation in the 20th century.
At that time, the President of Peru, Fernando Belaunde was faced with austerity policies implemented by the IMF following the Latin American financial crisis.
6. China
I don't think this economic giant has ever faced hyperinflation, right?
China experienced it from October 1947 to May 1949 with inflation increasing by 14% and making prices double every five days and 8 hours.
This hyperinflation broke out after the Second World War due to the civil war between the Nationalists and the Communists.
5. Greece
This event took place from May 1941 to December 1945 with inflation increasing by 18% and resulting in a doubling of prices for every four 6 hour days.
This happened due to the swinging balance of Greece's physical budget due to the Second World War and foreign trade falling drastically.
4. Germany
Hyperinflation for this country took place in Weimar, Germany, which was from August 1922 to December 1923. The daily inflation rate reached 21% and prices doubled every three days and 17 hours.
The event occurred due to the defeat of the First World War by Weimar in the early 1920s.
As a result, Germany was asked to pay massive reparations for the victorious side.
3. Yugoslavia
The biggest inflation for this country happened in April 1992 to January 1994 with an increase in inflation reaching 65% and doubling every 34 hours.
The fall of the Soviet Union made the country responsible because it was a major geopolitical former connecting the eastern and western regions.
2. Zimbabwe
The country faced the second biggest inflation in March 2007 to November 2008 with inflation rising to 98% and causing prices to double every 25 hours.
The case began when a long decline in economic output was based on Robert Mugabe's land reform.
At that time, Zimbabweans left the country en masse. In addition, the increase in government spending and the decrease in the tax base caused the government to monetize the physical deficit.
1. Hungary
The first major inflation in this country was in August 1945 to July 1946. The increase in inflation was 207% and made prices double every 15 hours.
Hungary's economy was devastated by World War II. Due to its 'warzone' status, almost 40% of the country's stock capital was destroyed in the conflict.
Prior to that, Hungary was heavily in debt to finance the fuel to support the German war. However, Germany did not want their debt to be paid off with goods.
When the country signed a peace treaty in 1945, they were ordered to pay reparations to the Soviet Union.
