Hyperinflation is the loss of faith in the currency. Prices rise in a hyperinflationary environment just like in an inflationary environment, but they rise not because people want more money for their labor or for commodities, but because people are trying to get out of the currency. It's not that they want more money-they want less of the currency: So they will pay anything for a good which is not the currency (Lira).
Do you agree that the US has been experiencing hyperinflation? Why or why not?