Iran Faces Soaring Food Prices Amid Rial's Decline

Food prices in Iran have skyrocketed over the past few weeks as the Rial continues to lose value.

Reza Kangari, head of the Tehran Provincial Union of Food Banks, reported a significant rise in food prices over the past two weeks.

He said some items have seen a 30 percent increase while others are experiencing shortages, leading to price gouging.

Kangari cited beans as an example, where a combination of currency issues and disrupted distribution by importers has caused a 50 percent price jump.

Additionally, restrictions on foreign rice imports have pushed up the cost of Iranian rice.

Businesses are now required to purchase one kilogram of Iranian rice for every two kilograms of rice imported.

This price surge in essential goods coincides with a rise in the currency exchange rate since the beginning of the year.

The Rial's decline intensified following the recent Israeli attack on Iran's consulate in Syria and subsequent tensions between the two nations.

With the annual inflation rate reaching about 50 percent, Iranians have been scrambling to convert their savings into hard currencies or gold.