At one time in Germany, inflation had increased so much that the rates of goods used to double every day, even while standing in line for goods, the rate of goods increased very much.
In the year 1923, there was a lot of inflation in Germany.
In today’s era, everyone is troubled by inflation. The goods that you used to buy for Rs 100 till a few years ago, now you have to pay up to Rs 150 for that, while the price of many things has doubled. But, do you know that many countries in the world have seen such periods of inflation, when the goods of things used to double in less than a week, not in many years. At the same time, the value of money had fallen so much in those countries that in order to bring a little belongings of the house, one had to carry money by filling a sack.
In such a situation, we know which countries have faced this kind of inflation and what were the conditions in those countries during that time. Also, you will know the stories related to the note, which you would never have thought about…
In 1923, there was the havoc of inflation in Germany
In the year 1923, there was a lot of inflation in Germany and the rate of increase in inflation was so high that the prices of goods were getting very high every day or two. Here due to inflation, the value of the currency had also decreased significantly. It has been said in many reports that at that time the German currency had lost its full value and at that time the inflation rate in Germany was 29,500 percent per month. You can guess at what speed inflation would be increasing there and the value of money would have decreased.
Inflation increased at such a speed that if someone was standing in a line, by the time his number came, the prices of goods would have increased. After a time crores of rupees had to be paid for bread packets. It is said that 300 crores had to be paid for bread and 3600 crores for meat.
It is said that during that period the prices were doubling on an average every 3 days. According to the data, in the year 1914, one dollar was equal to 4.2 German currency mark, but after about 9 years, the situation happened that in August 1923, $1 became equal to one million mark. At the same time, 238 million German currency had to be paid for 1 dollar by October. Those who had a lot of money, they also considered themselves poor. Even people did not have money for toys and the value of money was so low that children used to play with money bundles.
Things had changed in other countries too
Apart from Germany, in 1946, inflation in Hungary had caused such a situation. In 1946, the inflation rate had increased by 195 percent per day, if you guess it, then the price was doubling before the completion of one day. To buy an item, one had to carry money by filling a sack. The money had fallen substantially against the dollar. This happened in Yugoslavia in 1994, when inflation reached a level of 65 percent per day. The prices of goods were doubling in two days. In this, once 10 lakh units of the old currency dinar were converted into 1 new dinar.
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