Iran Inflation: Food Prices Up 122% in a Year Amid War; Economy Minister Apologises to Public

People in Iran are struggling with rising prices amid the war. Eight months have passed since the war between the US and Iran began.

Iranians are facing steep rises in the cost of food and drink, rent, utilities and fuel. The sharpest increase has been in food and beverage prices, which rose 121.8% year-on-year.

Because of the rising prices, families are now cutting spending on education, health and other needs. People have been forced to give priority only to spending on food and drink. The cost-of-living pressure on Iranian families is growing.

Economy Minister Apologises to Public

Given the serious situation created by inflation after the war, Economy Minister Seyed Ali Madanizadeh has officially apologised to the public. The burden of the rising prices is falling most heavily on the livelihoods of employees, retired people and government employees.

Annual Inflation Rate Reaches 73.6%

Official data released by Iranian media show that the annual inflation rate has risen to 73.6%. This is one of the most severe bouts of inflation Iran has seen in decades. Compared with the same period last year, consumer prices in September jumped by about 90%.

As a result, people's purchasing power has fallen. Amid rising unemployment and falling savings, lakhs of citizens are being forced to cut spending on basic needs.

Food and Rent Prices Rise

Food and drink prices and house rents have risen sharply. The biggest increase has been in food and beverages, which rose 121.8% year-on-year. House rent in September rose 32.8% year-on-year, while the cost of utilities and fuel went up by about 38%.