Hyperinflation
Hyperinflation is a condition where the price of everything in a national economy goes out of control and increases very quickly [Cambridge Dictionary].
Hyperinflation is a term to describe rapid, excessive, and out-of-control general price increases in an economy. While inflation measures the pace of rising prices for goods and services, hyperinflation is rapidly rising, typically measuring more than 50% per month.
Although hyperinflation is a rare event for developed economies, it has occurred many times throughout history in countries such as China, Germany, Russia, Hungary, and Georgia.
Inflation is measured by the Bureau of Labour Statistics using the Consumer Price Index (CPI) to measure the dollar's purchasing power. The CPI is an index of the prices for about 94,000 commodities and services; around 8,000 rental housing unit quotes; and prices for airline fares, apparel, household goods, prescription drugs, used automobiles, and postage.
Generally speaking, the Federal Reserve strives to maintain a healthy inflation rate of around 2% over the long term.
A rate of inflation higher than 2% is considered high. Hyperinflation is extreme inflation, not just a high inflation rate.
Hyperinflation occurs when prices have risen by more than 50% per month. Daily increases might approach 200% or more when hyperinflation occurs [Investopedia].
Hyperinflation. Investopedia. Retrieved from: https://www.investopedia.com/terms/h/hyperinflation.asp
Hyperinflation. Cambridge Dictionary. Retrieved from: https://dictionary.cambridge.org/dictionary/english/hyperinflation