Highest INFLATION Rates by Country | Hyperinflation | 1960 - Present 🎈📊

Watch as these animated stats and bar chart race ranks the highest inflation rates (consumer prices, annual %) by country, categorized by the following regions: Asia, North America, South America, MENA (Middle East and North Africa), Africa, Oceania, and Europe.

In economics, inflation (or less frequently, price inflation) is a general rise in the price level of an economy over a period of time. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation reflects a reduction in the purchasing power per unit of money – a loss of real value in the medium of exchange and unit of account within the economy. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index, usually the consumer price index, over time.

Hyperinflation is very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as they usually switch to more stable foreign currencies, in recent history often the US dollar. It is often associated with some stress to the government budget, such as wars or their aftermath, sociopolitical upheavals, a collapse in aggregate supply or one in export prices, or other crises that make it difficult for the government to collect tax revenue. A sharp decrease in real tax revenue coupled with a strong need to maintain government spending, together with an inability or unwillingness to borrow, can lead a country into hyperinflation.

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Chapters:
00:00 Inflation defined
00:24 Inflation during Bubonic Plague
00:48 War and inflation
01:12 Germany's Weimar Republic Hyperinflation
01:36 Hyperinflation in Hungary
02:00 Inflation cost comparisons; US Civil War
02:24 Types of inflation
02:48 Zimbabwe's hyperinflation
03:11 Cost of Apple 1 computer today
03:36 President Ford's inflation campaign

📊 Data:
World Bank | https://data.worldbank.org
International Monetary Fund, International Financial Statistics and data files.

#Inflation #HyperInflation #BarChartRace #DataVisualization #DataRanking #DataComparison #AnimatedStats