Hyperinflation In Iran?

Steve Hanke highlights a near collapse in the black market foreign exchange value of the Iranian rial.

Based on this Hanke estimates that monthly inflation is 69.6%. That is probably too high, at least for now, as much of the drop probably reflects real depreciation of the exchange rate, but it is likely that inflation is indeed very high, perhaps high enough to create a hyperinflationary spiral where people's aversion to holding money causes money demand to drop sharply, causing further price inflation something that lowers money demand further and so on.