Hotels’ Covid Losses Top $720m

Iranian hotels have suffered losses worth over 200,000 billion rials ($727 million) during the coronavirus pandemic, according to the president of Iranian Hoteliers Society.
Jamshid Hamzehzadeh added that due to financial problems, the industry has had to undergo a great deal of downsizing due to Covid-19.
“About two-thirds of the staff members have been laid off, most of whom were skilled and educated,” he was quoted as saying by the news portal of Tehran Chamber of Commerce, Industries, Mines and Agriculture (Tccim.ir).
Latest data released by the Statistical Center of Iran show, the goods and services Consumer Price Index of “Hotels and Restaurants” in the fifth month of the current Iranian year (July 23-Aug. 22) registered a year-on-year increase of 63.1%, the highest among 12 groups of the basket of consumer goods and services purchased by households.
The CPI of the group stood at 360.9 for the month under review, indicating a 3.8% rise compared with the month before. 
“Hotels and Restaurants” has a coefficient of 1.44% in SCI’s calculation of Iran’s inflation rate. 
The group’s annualized inflation has been put at 47.2%.