One US dollar now costs 2 million rials in Iran, and here’s what it can buy
Summary
The value of the Iranian rial has fallen to a record low of over 2 million rials per US dollar, driven by new US sanctions and ongoing economic troubles in Iran. As a result, the prices of basic goods like food, medicine, and childcare have sharply increased, making it harder for Iranian families to afford everyday items.Key Facts
- The Iranian rial dropped past 2 million rials to one US dollar on the free market.
- US sanctions aim to pressure Iran’s economy and are the toughest yet.
- Basic food prices have risen significantly: tomatoes by 71%, chicken by 74%, and cooking oil by 177%.
- The price of insulin has increased by 642%, while essential medicines and baby formula have nearly doubled in cost.
- Iranian families face financial strain; for example, childcare costs about $2.50 per day and have become difficult to pay.
- The official minimum monthly wage is about $82 to $108, which is low compared to rising living costs.
- War damage and a US naval blockade have hurt Iran’s trade and production, adding to economic challenges.
- Many Iranians have cut back on non-essential purchases and focus on covering basic needs.
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