On Measuring Hyperinflation

Steve Hanke and Charles Bushnell

World Economics, 2017, vol. 18, issue 3, 1-18

Abstract: Venezuela now exhibits the 57th historic episode of hyperinflation as measured in the Hanke-Krus World Hyperinflation Table. Entry to the hyperinflation dataset depends on three qualifying criteria: inflation rates greater than 50% per month; the persistence of this rate for at least 30 consecutive days; and full documentation so that inflation estimates are replicable. This paper measures Venezuela's hyperinflation by transforming changes in the US dollar-Venezuelan bolivar exchange rate into implied inflation rates using the purchasing power parity doctrine. The purchasing power parity method is accurate during periods of hyperinflation. Venezuela's hyperinflation peaked with a monthly inflation rate of 219.7% on 30 November 2016.

Date: 2017
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