Consumers' perceptions of current inflation play a key role in understanding household consumption and investment decisions as well as the impact of monetary policies. Evidence from countries with low or moderate inflation shows that people's perception of inflation often significantly diverges from official inflation rates. We examine -- for the first time -- the relationship between actual and perceived inflation in a hyperinflation environment. Our experimental results show that, opposite to low inflation, hyperinflation is greatly underestimated in people's perceptions.