Zamaneh Media
  • Latest Articles
  • Latest News
  • About Zamaneh Media
    • Exiled Media Report
    • Sponsors
    • Donate
    • Vacancies
    • Contact us
    • Legal
  • Advertise
  • Labor Rights
No Result
View All Result
  • Latest Articles
  • Latest News
  • About Zamaneh Media
    • Exiled Media Report
    • Sponsors
    • Donate
    • Vacancies
    • Contact us
    • Legal
  • Advertise
  • Labor Rights
No Result
View All Result
Zamaneh Media
No Result
View All Result

Iran’s rampant inflation called sixth-worst in world

by Zamaneh Media
February 18, 2013
in Latest Articles
Reading Time: 2 mins read
0
Iran’s rampant inflation called sixth-worst in world

Reports from The Centre for Research of the Islamic Parliament and news agencies inside Iran claim that, unlike many other countries in the world that have been able to curb their economic difficulties and their double-digit inflation, Iran is shouldering its worst inflation in the past 17 years with the highest inflation rate in the Middle East.

A chart, published by the centre on Monday February 18, ranked Iran’s inflation rate as the sixth-worst in the world.

On the same day, Iran’s Labour News Agency, ILNA, reported that the country’s inflation rate is the highest it’s been in the past 17 years.

The centre puts the Islamic Republic’s 2012 inflation rate at 21.8%, which is 3.4 times the median inflation rate in the countries of Southwestern Asia.

The Mehr New Agency says the centre states that Iran’s poor showing on the chart is because many other countries have managed to control their double-digit inflation rate in recent years.

The same chart shows the following countries had the worst inflation rates in 2012: Belarus, Ethiopia, Venezuela, Uganda, Sudan, Iran, Tanzania, Yemen and Guinea.

The same report claims that the widespread increase in prices started some 35 years ago with the increase in oil prices. This increase first had an impact on goods and services, then quickly spread to production lines and production costs and salaries, followed by an out-of-control increase in shares in the country’s finances but without investing the surplus back in the economy.   

Next came new crises in areas such as labour, materials, limited market access, rapid inflation, transportation and energy etc., so that the failure to create a balance was inevitable and, hence, the only outcome was more new crises and double-digit inflation.

Last October, Hosseinali Shahriari, the head of Parliament’s Health Commission, warned that people are facing serious malnourishment. He continued that in today’s society, people are either poor or rich, and there is no middle class anymore because the inflation rate has grossly affected the social psyche.

He added that 70% of society is in psychological disarray.

ILNA also published a report indicating that this year Iran has broken the inflation-rate record of the past 17 years, reaching 32% to 37% .

This report projects that in the next calendar year, the rate will surpass the 50% mark.

The Central Bank of Iran sets the inflation rate at 32% based on price increases among 359 goods and services. However, people feel that many of these goods and services are irrelevant to their day-to-day needs and that the inflation rate is much higher for actual daily essentials, especially food.

Among the many reasons cited for rising inflation: cutting budget deficits through loans from the Central Bank, increases in the money supply and the cost of energy, the cancellation of government subsidies and mismanagement of currency market.

Related Posts

“When the statues are toppled, the city will be ours!”
Latest Articles

“When the statues are toppled, the city will be ours!”

September 21, 2023
Woman, Life, Freedom: The Chronicle of an Uprising That Shook Iran
Latest Articles

Woman, Life, Freedom: The Chronicle of an Uprising That Shook Iran

September 16, 2023
Cartoon of the Week: Freedom of Speech in Iran
Latest Articles

Cartoon of the Week: Freedom of Speech in Iran

September 7, 2023
The Shape of Borders to Come: On the EU and Tunisia Immigration Deal
Latest Articles

The Shape of Borders to Come: On the EU and Tunisia Immigration Deal

August 28, 2023
Labor Protests Continue in Iran Despite Suppression: Download Zamaneh’s  Quarterly Report
Latest Articles

Labor Protests Continue in Iran Despite Suppression: Download Zamaneh’s  Quarterly Report

August 5, 2023
The Iranian Prisons are Brutal for Queer and Trans Individuals: Five Eyewitness Accounts
Latest Articles

The Iranian Prisons are Brutal for Queer and Trans Individuals: Five Eyewitness Accounts

July 30, 2023

RSS Iran in Other Media

  • Crown prince confirms Saudi Arabia will seek nuclear arsenal if Iran develops one - The Guardian September 21, 2023
  • Asian Games football: Vietnam 0-1 Iran - VnExpress International September 21, 2023
  • Iran threat leaves shipowners caught 'between a rock and a hard ... - TradeWinds September 21, 2023
  • Iran and the Taliban: Counterterrorism cooperation? - DW (English) September 21, 2023
  • ASA North Presents "Remembrance of Things Present" Exhibition in ... - ArchDaily September 21, 2023
  • Middle East Roundup: Kneeling before Tehran? Iran and US swap prisoners - Al Jazeera English September 21, 2023
  • Qatar’s separate talks with Iran, US on drones, nuclear programme: Report - Al Jazeera English September 21, 2023
  • Iran Warns FIFA of Political Influences on Football - Tasnim News Agency September 21, 2023
  • Main accused in attack on popular Iran shrine sentenced to death - Anadolu Agency September 21, 2023
  • Government Raises Bread Prices In Iran In Risky Move - ایران اینترنشنال September 21, 2023
  • Iran Welcomes Truce in Karabakh - Tasnim News Agency September 21, 2023
  • Iran's Raisi sees no obstacle to restoring ties with Egypt - Reuters.com September 21, 2023
  • Japanese premier discusses Iran nuclear deal, Fukushima water ... - Anadolu Agency | English September 21, 2023
  • Iran's president warns Saudi Arabia not to make peace with Israel - Sky News September 21, 2023
  • Top US Air Force official in Mideast worries about possible Russia-Iran 'cooperation and collusion' - The Associated Press September 21, 2023
  • Saudi Crown Prince on Iran acquiring nuclear weapons: ‘If they get one, we have to get one’ - The Hill September 21, 2023
  • Iran President Says Militias Still Play Vital Role as He Rebuilds Arab Ties - Newsweek September 21, 2023
  • President Raisi says Iran has 'no problem' with IAEA inspections - Reuters.com September 21, 2023
  • US Admits Iran May Use Ransom To Buy Weapons - ایران اینترنشنال September 20, 2023
  • Bret Baier interviews Saudi Prince: Israel peace, 9/11 ties, Iran nuke fears: 'Cannot see another Hiroshima' - Fox News September 20, 2023
Zamaneh Media

© 2020 Zamaneh Media

More information

  • Sponsors
  • Donate
  • About us
  • Contact us
  • Legal

Follow Us

No Result
View All Result
  • Latest Articles
  • Latest News
  • About Zamaneh Media
    • Exiled Media Report
    • Sponsors
    • Donate
    • Vacancies
    • Contact us
    • Legal
  • Advertise
  • Labor Rights

© 2020 Zamaneh Media