Hungarian Hyperinflation
About Hungarian Hyperinflation
Hungary in 1946 experienced the worst hyperinflation in recorded history, surpassing even Zimbabwe. Prices doubled every 15 hours. The inflation rate was 41.9 quadrillion percent per month. The government printed a 100 quintillion pengo note, the highest denomination ever issued. The cause was World War II destruction, Soviet occupation costs, and catastrophic monetary policy. The forint replaced the pengo in August 1946, ending the hyperinflation. Every individuals savings were wiped out. The trauma influenced Hungarian politics and economic thinking for decades. Hungary was the only country where hyperinflation exceeded Zimbabwes, making it the worst case of monetary collapse ever recorded.
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