Mind you, that hyperinflation is not the same as high inflation.

Hyperinflation, which I lived through in the period 1998-1990 in Peru, brings about a strong disincentive to do anything productive, let alone to invest. It destructs everything, not only overcapacity, but also the existing, required capacity to fulfil existing demand. On top of that it keeps people from investing, because you won't survive the time of your investment. So no investing in the future takes place.

People learn very fast to survive by speculating during hyperinflation. The moment you get fiat paper in your hand, you buy hard assets like grains, sugar or lumber, so you are at least somewhat protected. Obviously, the poor are the ones that suffer most, because they spend all income on food and food prices keep on running away from what they can afford. The middle class, that generally supports on insufficiently indexed salaries, rapidly impoverishes as well.

In brief, (prolonged) hyperinflation is a nightmare. I think deflation is the better option, if you have to chose.