When hyperinflation strikes, the value of government cash becomes so worthless that some families might use their paper currency for crafts or to light fires. Essentials such as groceries and gasoline may require wheelbarrows worth of cash to buy. 

Although every economist acknowledges hyperinflation is devastating, not everyone agrees on how to combat it. Once hyperinflation starts, it's exceptionally challenging for central banks and governments to contain or reverse it, which is why they prioritize preventing it in the first place. 

As more nations struggle with rising prices, especially following the COVID-19 pandemic, it’s important to review what hyperinflation is and how it could affect the global economy.

Hyperinflation leads to skyrocketing product prices, devastating a country's economy. Learn what hyperinflation is and how governments attempt to prevent it.

What Is Hyperinflation? How Does It Impact the Economy?

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