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 living in survival mode, as the nation's economy spirals out of control and food prices surge by up to 400 percent. Nima, a cryptocurrency trader, admits his foreign currency income no longer suffices to keep up with the soaring costs of groceries. Inflation has reached over 80 percent annually, and job losses have become rampant, with unemployment hitting a four-year high of 9.1 percent by early June.
Food prices have skyrocketed, with cooking oil up 400 percent and meat costing up to $15 per kilo. The conflict with the US and the ensuing sanctions have exacerbated the situation, squeezing dwindling oil revenues and affecting imports. An internet blackout in January further crippled many Iranians' ability to earn a living. The rial has depreciated drastically, with the Iranian currency now worth nearly 1.88 million against the US dollar.
Those earning in local currency are facing an even grimmer situation, with inflation outpacing income. Exacerbating the crisis is the prospect of a US-Iran framework for negotiating a settlement, set to expire soon. Many Iranians see limited avenues for improvement and express skepticism about a better future, with some even considering emigration, despite the financial challenges of doing so.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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