Iranians in survival mode with economy in freefall and food prices soaring by up to 400 per cent
Nima, a cryptocurrency trader, thought he had figured out how to survive Iran’s unpredictable economy. His foreign currency income shielded him from the unstable rial and runaway inflation, allowing him to save and make the occasional impulse buy. But months of conflict with the US have taken their toll on an already battered economy weakened by decades of sanctions and mismanagement and pushed…
Iranians are struggling to make ends meet as their economy plummets and food costs surge dramatically. Cryptocurrency trader Nima, who holds foreign currency income, finds himself in survival mode, paying triple the usual amount for groceries. Food prices have been climbing consistently, with cooking oil up by about 400 percent and meat costing up to $15 per kilo.
Unemployment has reached a four-year high of 9.1 percent, and inflation remains over 80 percent annually, leading to massive job losses. A state-imposed internet blackout in January further strained the livelihoods of many, including Nima, who now relies on savings and teaching English. The Iranian rial has plummeted to nearly 1.88 million against the US dollar, exacerbating the situation for those earning in local currency.
Reza, a 38-year-old bazaar worker, and his brother work multiple jobs to afford food and rent, while others, like medical practitioner Samira, question the point of continuing expensive treatments. Many Iranians see little hope for improvement and view moving abroad as their only viable solution, despite the financial risks.
Written by urgent.news from The National Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
