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79-Year Inflation Record Broken

Jun 8, 2023, 8:28 PM
News ID: 37357
79-Year Inflation Record Broken

EghtesadOnline: Point-to-point inflation rate reached 68.6% in the first month of the fiscal 2022-23, which constitute the peak of inflation in Iran's economy.

The inflation rate broke all previous records and reached the highest rate with the point-to-point rate now at the highest level in the last 79 years.

This implies that a wide range of problems, shortages and damages have befallen deprived families and the middle class, the effects of which are overshadowing state affairs. Basically, this type of inflation acts as a driver of the annualized inflation, economist Mohammad Reza Monjazab prefaced an article for the Persian newspaper Ta’adol with this note. The translation of the full text follows:

Forecasts show that this year's inflation will be the highest since World War II. The negative effects of inflation on the spread of poverty and the unfair distribution of income and wealth have become more apparent in Iran's economy.