Famous inflation rises and falls

In December 1923 wholsesale prices were more than 85,000,000,000pc higher than a year earlier. The highest denomination bank notes had a face value of more than 1 trillion marks. By October, more than 99pc of bank notes had been in circulation for less than 30 days

Russia - 1923

In the years after the Russian revolution, the country experienced social and economic turmoil. Some economic historians believe that the government created inflation to impoverish the better off. In 1923 inflation reached 60,804,000pc

Greece - 1944

By October 1944, 99pc of government spending was financed by printing new bank notes, rather than from taxes. Inflation peaked at 130,000pc in this month

Hungary - 1946

Hungary experienced the highest inflation ever recorded. In the peak month of July 1946, prices were doubling in little more than 12 hours. The largest denomination bank note in circulation was worth 100,000,000,000,000,000,000 pengo

China - 1945 to 1949

Civil war began in 1945 and military spending was high, accounting for up to 80pc of the Nationalist government's budget. Prices, measured in Chinese Nationalist Currency, rose by 2,372pc in the year to March 1948

Argentina - 1980s

During the 1980s inflation averaged 750pc a year, reaching a peak of 4,924pc in December 1989. The main cause was a persistent government budget deficit. This was financed by the country's central bank, which led to high inflation

Federal Republic of Yugoslavia - 1993 to 1994

The inflation rate peaked at 331,000,000pc in January 1994. The largest bank note in circulation had a face value of 500bn dinars

Japan - 1998 to 2005

The 1990s were known as the "Lost Decade", and the country' difficulties were linked to the large amount of debt in the economy. Prices began to fall in 1998, a process that continued for several years. By 2005, consumer prices had fallen by more than 4pc from their peak in 2005

Zimbabwe - 2006 to 2008

Inflation reached 66,212pc in December 2007, the highest in the world at that time. The highest denomination bank note had a face value of 10 trillion Zimbabwe dollars

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