Can it be more deadly than war? As the UK's inflation rate tops 10%, some argue that skyrocketing prices can produce as many fatalities as a major conflict. Experts say the proof is in the history books.
Fears mount as UK inflation hits 40-year high
Can it be more deadly than war? As the UK's inflation rate tops 10%, some argue that skyrocketing prices can produce as many fatalities as a major conflict. Experts say the proof is in the history books.
<h2 class=" eplus-wrapper" id="crosshead">Silent killer</h2>
It is one of the most famous photographs of the 20th Century - a group of children in 1920s Germany playing with stacks of money like building blocks. Money had become so useless in this period due to hyperinflationInflation that reaches more than 50% per month. In such conditions, money quickly becomes worthless, and people simply stop using it. that workers transported their wages home in wheelbarrows.1
This might provide some relief to those concerned about the UK's latest inflationAn increase in the price of goods in an economy. statistics: it is not that bad for Britain yet. The latest figures show that inflation in the country has risen by 10.1% in the 12 months to September, the fastest rate of inflation in 40 years.
Compared to wars and other crises, inflation might not seem like a serious issue, but 90,000 people die in poverty in the UK every year.
So what can we learn about inflation from history?
The Hungarian pengo, 1946.
What happened? Hungary has the worst ever recorded case of hyperinflation in history. In the first half of 1946, prices doubled every 15.6 hours. This is because Hungary's government printed a lot of money.
How fatal was it? There are no detailed statistics for how fatal it was, but workers' real wages fell by 80%, throwing millions into potentially fatal poverty.
The Great Babylon Inflation, circa 323BC.
What happened? The first inflation happened just after the death of Alexander the GreatA king of ancient Macedon who is renowned as one of the greatest military leaders in history. He conquered a vast empire stretching from Greece to modern-day Pakistan., and halved the value of the currency of ancient Babylon. Alexander brought back lots of goods from his conquests, and traders pushed up prices to share in the profits.
How fatal was it? Inflation doubled the price of basic foodstuffs, rendering hundreds unable to afford the cheapest foods.
The Great Inflation, 1965 - 1982.
What happened? There was a long period of high inflation in the United States due to poor economic planning. The inflation rate rose as high as 14%. This was because of a number of factors.
How fatal was it? Across the entire period, millions died whilst living in poverty.
Yes: Statistics show that as many people can die as a result of poverty caused by inflation as in a major global conflict. The number of people who could suffer and die because of the current economic crisis should terrify us.
No: The statistics are not absolute. They only tell us how many people died in poverty, not as a result of poverty. The factors could be unrelated. We cannot be 100% certain inflation causes individual deaths.
Or... The statistics are worrying, but we cannot look at inflation as universally bad. Inflation can discourage saving and boost spending, and benefits those with debts. Small rates of inflation of around 2% to 3% are even encouraged by economists.
Hyperinflation - Inflation that reaches more than 50% per month. In such conditions, money quickly becomes worthless, and people simply stop using it.
Inflation - An increase in the price of goods in an economy.
Alexander the Great - A king of ancient Macedon who is renowned as one of the greatest military leaders in history. He conquered a vast empire stretching from Greece to modern-day Pakistan.
<h5 class=" eplus-wrapper" id="question"><strong>Can it be more deadly than war? </strong></h5>
Fears mount as UK inflation hits 40-year high

Glossary
Hyperinflation - Inflation that reaches more than 50% per month. In such conditions, money quickly becomes worthless, and people simply stop using it.
Inflation - An increase in the price of goods in an economy.
Alexander the Great - A king of ancient Macedon who is renowned as one of the greatest military leaders in history. He conquered a vast empire stretching from Greece to modern-day Pakistan.