Iran is currently undergoing an economic crisis which caused them to keep their most recent inflation data away from the public. This financial crisis has lasted approximately two months and is the result of "fueling accusations" from other parts of the world. These accusations and the actions of Iran have many convinced that current inflation rates are the highest they've ever been which would cause a further crisis and panic in the country if proven true. The last known inflation rate in Iran is 47.7 per cent which is only 1.3 per cent inflation away from the record and this was the figure before the economic crisis had started. This 49 per cent inflation rate was in 1996, almost 25 years ago.
Ebrahim Raisi, the president of Iran, has promised a multitude of economic changes in Iran which haven't been completed which is thought to be another reason for the economic crisis. Many simple items such as chicken and other daily goods have shot up in price in the last few years and the effects of these shoot-ups seem to be firing back at the government all at once, despite the government attempting to help the economy by replacing key people in office such as the vice president of budget affairs. With these prices continuing to go up many are concerned for not only themselves but the future of the younger generations as the problems seem to only be getting worse inflation-wise in Iran.
Article: https://www.ft.com/content/c86fccb4-f56e-43b7-a596-29c036cb4ec1
Iran is in a really tough spot, if they are hiding inflation numbers that have gone up even higher, I wonder what more they will be able to do to restore confidence in the economy.
ReplyDelete