A sharp rise in the rate of inflation is called?

"Hyperinflation" describes inflation that reaches very high rates. It typically happens when the amount of money circulating in the economy increases much faster than the supply of goods in the economy. Hyperinflation is the result of a positive feedback cycle, in which workers demand higher wages because of higher prices for the goods that they need and businesses charge higher prices in order to compensate for the higher wages that they pay to their workers. Additionally, because people expect the value of their money to decline in the future, they spend it very quickly, creating significant near-term demand that may outpace the production of goods, leading to still higher prices for those scarce goods.