Inflation Hits Record High

New data released by the Statistical Center of Iran confirms inflation has reached an unprecedented level.
Food prices increased by 25.9% in the third month of the current Iranian year (May 22-June 21) compared to the previous month.
The record high monthly inflation came after the government decided to overhaul the import subsidy system.
The government move saw the abolition of the controversial practice of allocating cheap dollars at the rate of 42,000 rials per dollar, locally known as the Preferential Foreign Currency, to import essential goods, including corn, soymeal, unprocessed oil, oilseeds and barley, in addition to wheat, flour and medicine.