10 July 1946: Hungary suffers the world’s worst hyperinflation

The highest level of inflation ever recorded occurred in Hungary in July 1946. Prices were rising at 350% a day.

Ascending arrow made out of Euro banknotes. Symbolizing inflation, deflation, economic growth, earnings, wages, income, tax, pensions or interest rates
(Image credit: Malorny)

Hungarians haven't had a happy time with their currencies. Since 2008, the forint has fallen 37% against the dollar, due in large part to the eurozone crisis, although political instability hasn't helped.

In fact, the forint is the country's third currency in less than a century. And to this day, Hungary holds the unhappy record of suffering the highest rate of inflation ever recorded.

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Chris Carter
Wealth Editor, MoneyWeek

Chris Carter spent three glorious years reading English literature on the beautiful Welsh coast at Aberystwyth University. Graduating in 2005, he left for the University of York to specialise in Renaissance literature for his MA, before returning to his native Twickenham, in southwest London. He joined a Richmond-based recruitment company, where he worked with several clients, including the Queen’s bank, Coutts, as well as the super luxury, Dorchester-owned Coworth Park country house hotel, near Ascot in Berkshire.

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