Inflation breaks records: Iran's economy is in stages of collapse

Inflation in Iran has crossed the 90% threshold, and in food it stands at 300%. Household value has been cut by 60%, GDP has dropped by 5%, and the economy has contracted by 6 to 10%. Oil exports are at their lowest since the revolution, and the oil minister has resigned.

About eight months after the start of the latest campaign in Iran, the Iranian economy is in deep crisis, against the backdrop of heavy American sanctions. Iranian media published data indicating a collapse: inflation has crossed the 90% threshold, and in food it is soaring to 300%. Household value has been cut by 60%, GDP has dropped by 5%, and the economy has contracted by 6 to 10%. Oil exports are at their lowest since the revolution. Oil Minister Mohsen Paknejad resigned earlier this week due to a dispute with the "shadow industry." Heavy sanctions are harming the automotive and railway industries, as well as the transportation sector vital for land trade. Iranian President Masoud Pezeshkian said that "the vital arteries have been cut." It was also reported that refugees from Afghanistan have begun returning to their country, preferring to live under Taliban rule over staying in Iran.