Hyperinflation has arrived in Iran

Or so argues Steve H. Hanke.

Since the U.S. and E.U. first enacted sanctions against Iran, in 2010, the value of the Iranian rial (IRR) has plummeted, imposing untold misery on the Iranian people. When a currency collapses, you can be certain that other economic metrics are moving in a negative direction, too. Indeed, using new data from Iran’s foreign-exchange black market, I estimate that Iran’s monthly inflation rate has reached 69.6%. With a monthly inflation rate this high (over 50%), Iran is undoubtedly experiencing hyperinflation.

Any bets on how long it will be before Iran turns into the next Zimbabwe?

(Actually it could be a while, 70% per month is high but Zimbabwe got to 7.96 × 10^10 percent per month!)