Unprecedented inflation hammers Iran
Iranians have grown accustomed to high inflation and rising prices, yet recent macroeconomic trends are unprecedented.
Iran’s official inflation rate is reaching new highs. The Statistical Center of Iran (SCI) — the country’s main statistics agency — reported a monthly inflation rate of 12.2% and a point-to-point rate of 52.5% for the Iranian month ending June 21. Both are record numbers.
The monthly inflation rate reports the changes in the consumer price index — based on a set basket of commodities — within the 30 days from May 22 to June 21. An average Iranian family lost 10% of its shopping power within this 30-day period. Iranian consumers are paying 50% more for the same products compared to spring 2021. The loss of real income and purchasing power for many Iranian families is significant and irreversible.
