Inflation Rate facts
While investigating facts about Inflation Rate In India and Inflation Rate Uk, I found out little known, but curios details like:
The World Bank stopped tracking inflation in Zimbabwe in November 2008, when it reached 79.6 billion percent. One year later, the country abandoned its currency. The exchange rate at the time was $35 quadrillion Zimbabwean dollars to $1 USD.
how inflation rate is calculated?
The rate of inflation in Bolivia went an estimated 25,000% to a single digit within a period of less than 6 weeks because of economic "shock therapy" designed by their former president
What inflation rate is good?
In my opinion, it is useful to put together a list of the most interesting details from trusted sources that I've come across answering what's inflation rate 2019. Here are 44 of the best facts about Inflation Rate 2019 and Inflation Rate Calculator I managed to collect.
what's inflation rate?
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30,000 in 1964 is equivalent in purchasing power to about $248,476.45 in 2019, a difference of $218,476.45 over 54 years. The 1964 inflation rate was 1.31%. According to the Bureau of Labor Statistics consumer price index, today's prices in 2019 are 728.25% higher than average prices in 1964
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Zimbabwe abandoned it's currency in 2009 when conversion rate inflated to Z$ 35 quadrillion = US$1
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Toronto subway token fare prices have risen faster than inflation since 1990. While the consumer price index has risen at an annualized rate of 1.8% in Canada, TTC fares have increased at 4.5%. A investment in tokens would have been more profitable than to deposit money in a savings account
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Zimbabwe had a 79,600,000,000% inflation rate in 2008
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In mid-November 2008, the rate of inflation for the Zimbabwean dollar peaked at 89,700,000,000,000,000,000,000%, at which prices were doubling every 24.7 hours.
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In 1994, during a massive hyperinflation in Yugoslavia when the currency was up in billions, a 74 year old retired banker famously called "Grandpa Avram" (Dragoslav Avramovic) changed the monthly inflation rate from 302.000.000% to only 0.2% and introduced a currency called "New Dinar".
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Zimbabwe printed a 100 Trillion dollar bill in 2008, at a time when the inflation rate was 500 billion percent.
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The world’s weakest currency is the Venezuelan Bolivar and its economic collapse 2016 has given Venezuela an inflation rate of 720%.
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In 1945, progressive tax rates topped out at 94% for all income over $200k ($2.8m adjusted for inflation in 2019)
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In the 1960's the average international call rate was around $3/minute or $180/hour, if you take in inflation into account that would cost $1,382.12/hour today.
Inflation Rate data charts
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Why inflation rate is low?
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Zimbabwe suffered a hyperinflation that, at its worst in 2008, had an inflation rate estimated to be 79,600,000,000% per month. 1 US dollar became equivalent to 2,621,984,228 Zimbabwean dollar and they even printed a One Hundred Trillion Dollar note (14 zeroes).
At the time of it's collapse, the Zimbabwean dollar was suffering from an inflation rate of 89,700,000,000,000,000,000,000%. A person would starve to death on just a billion Zimbabwean dollars. - source
Between 1881 and 1901 there was not a single year with an inflation rate over 0%. 16 years were flat, with 0% inflation. 4 years of the 20 there was deflation between 3-4%. Other sources (BLS) have a couple of the years with low inflation, but more deflation over the 20 year period.) - source
The Post-World War II hyperinflation of Hungary holds the record for the most extreme monthly inflation rate ever - 41,900,000,000,000,000% (41.9 quadrillion percent) for July 1946, amounting to prices doubling every 15 hours.
Zimbabwe had an inflation rate of 231 million percent in 2008. They introduced a $100 trillion note and soon after accepted the American dollar as their official currency. - source
When inflation rate is high?
During Zimbabwe's period of hyperinflation, their inflation rate was 231,000,000%.
How inflation rate affect exchange rate?
In 1993, through the Yugoslavian civil war, inflation rate reached above a billion percent, and there was a 500 billion dinar note.
'Forensic Economics,' a subfield of economics that uses economic cues to infer hidden behaviors. In one case a forensic economic analysis of online shopping data was used to determine that the Argentinean government was understanding its actual inflation rate by a factor of 2-3.
The highest inflation rate in history was in Hungary during 1946, prices increased by 4.19 quintillion percent (419 followed by sixteen zeroes).
Inflation in Zimbabwe rose from an annual rate of 32% in 1998, to an official estimated high of 11,200,000% in August 2008.
Between 1945 and 1946, the Hungarian pengő (currency) experienced the worst inflation ever recorded. The inflation rate peaked at 13 quadrillion % (Meaning prices doubled every 15 hours), and when the currency was replaced, the total value of all notes in circulation was only 0.1 US cents