What sparked hyperinflation in Germany during 1923?

Hyperinflation in Germany during 1923 was primarily sparked by excessive borrowing during World War I. The German government financed the war largely by taking out loans, which led to a significant increase in national debt. After the war, the Treaty of Versailles imposed heavy reparations payments on Germany, exacerbating the financial crisis. To meet these obligations and stabilize the economy, the government resorted to printing an excessive amount of money. This increase in the money supply, without an accompanying increase in goods and services, led to a rapid devaluation of the currency.

While low agricultural output, high wages for workers, and the dynamics of international trade could have contributed to economic instability, they were not the central triggers of hyperinflation. The key issue was the government's approach to handling its debt and obligations post-war, which resulted in the catastrophic hyperinflation seen in 1923 when prices skyrocketed and the value of the Mark collapsed.