Iranian rial hits record low of 2 million per US dollar

The Iranian rial has reached a record low in the free market, surpassing 2 million rials per US dollar. This currency collapse follows intensified sanctions imposed by the United States and follows the outbreak of conflict between the US and Israel against Iran in February.

The devaluation has triggered severe inflation, drastically reducing the purchasing power of the Iranian population. Essential goods have seen massive price hikes: tomato prices rose by 71%, chicken by 74%, and cooking oil by 177%. Medical necessities have been particularly impacted, with insulin prices surging by 642% and paracetamol increasing by 93%.

Families are struggling to afford basic necessities and childcare. For example, the cost of daycare has reached approximately 5 million rials ($2.50), creating significant financial strain for working parents. The economic situation remains grim with no immediate signs of recovery.