Since the world went off the gold standard in 1971 we have seen consistent inflation. For some time central banks have plucked out a figure of 2-3% inflation as a 'good' amount of inflation to have.
In the 40 years since going off the gold standard increasing consumption has marched alongside increasing inflation.
Hyperinflation doesnt strangle demand. The demand is still there, though will be less to some extent since a proportion of people will not be able to afford the new inflated prices. It is the supply that disappears.
If you read up on the hyperinflation of Germany in the early 1920s, and an excellent book on that is 'When Money Dies' by Adam Fergusson, you see the producers either, or both, hoarding their goods and not producing.
They hoard because what they can sell today for $10 they can sell for $20 tomorrow. And $200 the following week. They stop producing because they cannot work out if they can still make a profit on their product with such wildly escalating and volatile prices. Hyperinflation breeds uncertainty and uncertainty is an anathema to producers.
