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I hate to give a vague answer, we certainly had inflation, but perhaps not Hyperinflation. People use the term formally and informally.
Definitions used by the media vary from a cumulative inflation rate over three years approaching 100% to "inflation exceeding 50% a month." * In informal usage the term is often applied to much lower rates. As a rule of thumb, normal inflation is reported per year, but hyperinflation is often reported for much shorter intervals, often per month.
^ Ragan, Christopher; Lipsey, Richard (2008). Macroeconomics. Toronto, Ontario, Canada: Pearson Education Canada. pp. 645. ISBN 0-558-05845-0.
Definitions used by the media vary from a cumulative inflation rate over three years approaching 100% to "inflation exceeding 50% a month." * In informal usage the term is often applied to much lower rates. As a rule of thumb, normal inflation is reported per year, but hyperinflation is often reported for much shorter intervals, often per month.
^ Ragan, Christopher; Lipsey, Richard (2008). Macroeconomics. Toronto, Ontario, Canada: Pearson Education Canada. pp. 645. ISBN 0-558-05845-0.
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The definition of hyperinflation is vague. Some think the 14% inflation in the 70s was hyperinflation and Volker had to raise interest rates to 21% for survival.
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