From Malay Mail · · 1m 20s
Iranians Lament Soaring Costs as Inflation Bites
Iranian shopkeepers report sales plummeting as inflation soars to 90% year-on-year.
In brief
Iranian shopkeepers report sales plummeting as inflation soars to 90% year-on-year. Iranian shopkeepers say food prices have doubled since last year due to US-Iran war impacts. Originally reported by Malay Mail.
Iranian Shopkeepers Report Sales Decline
Shopkeepers say customers now buy half the nuts they once did due to soaring prices.
“There used to be customers who bought two to five kilogrammes. Now, they’re down to buying one kilogramme or half a kilogramme.”
Inflation Soars to 90% Year-on-Year
Iran's inflation rate reached 90% year-on-year in September according to official figures.
“Rising inflation, nearly 90 per cent year-on-year in September according to official figures, and erratic currency exchange fluctuations have driven up the cost of everyday items.”
Currency Value Plummets
The rial traded at around 2.7 million to the dollar on the unofficial market in the past week, compared with about 1.7 million before the war.
“The rial traded at around 2.7 million to the dollar on the unofficial market in the past week, compared with about 1.7 million before the war.”
Minimum Wage Drops to US$65
The minimum monthly wage that stood at around US$120 a year ago has fallen to US$65.
“The minimum monthly wage that stood at around US$120 a year ago has fallen to US$65.”
Shopkeepers Demand Currency Stabilization
Shopkeepers call for currency stabilization to prevent further economic collapse.
“We’re left in limbo, everyone is. They need to stabilise the dollar exchange rate.”
Businesses Face Bankruptcy
Manufacturers are going bankrupt, laying off staff and closing shops due to economic strain.
“We have absolutely no plan for the future. When people don’t come to buy... it effectively spells bankruptcy for the business.”
Shoppers Avoid Purchases
Many shoppers leave the bazaar without buying anything due to weakened purchasing power.
“We aren’t meant to just exist, we’re meant to actually live, right?”
Price Skyrocketed for Kitchen Cloth
A kitchen cloth costs US$1.10 now, five times more than it did months ago.
“It shows that prices haven’t just gone up, they’ve truly skyrocketed.”
Economic Contraction in Q2
Iran’s GDP contracted 10.1 per cent year-on-year between late March and late June.
“Mounting pressure over the war saw Iran’s GDP contract 10.1 per cent year-on-year between late March and late June, according to official figures.”
The takeaway
Iranian shopkeepers say food prices have doubled since last year due to US-Iran war impacts.
