TEHRAN: Iran’s annual inflation rate has reached 66%, with the prices of at least eight essential goods more than doubling over the past 12 months, according to official data released by the country’s Statistical Center.
The data showed that food and beverage prices surged 128% year-on-year, highlighting the growing pressure on household budgets and the cost of living.
Monthly inflation stood at 3.1% in July, according to the figures.
The latest numbers underscore the severity of Iran’s cost-of-living crisis, with the economy facing mounting pressure from international sanctions and the economic costs associated with regional conflicts, according to Arab media reports.
The sharp increase in food prices is expected to further strain consumers as households contend with rapidly rising prices for basic necessities.
More read, Iran dismisses Trump’s claims of backchannel talks
Earlier, Iran’s Islamic Revolutionary Guard Corps has rejected US President Donald Trump’s claim that backchannel negotiations are taking place between Washington and Tehran, calling the statement false and unfounded.
IRGC spokesman Hossein Mohammadi said no talks were taking place between the Revolutionary Guards and US officials at any level.
“Trump’s claim about negotiations with the United States is merely a lie and an imaginary statement,” Mohammadi said, according to Iranian reports.
He said Trump was suffering from “delusions and nightmares” because of what he described as defeat and frustration in the conflict.
Mohammadi said there was currently no possibility of negotiations with the United States because Washington had repeatedly violated agreements and broken its commitments.
“The Americans have broken their promises and repeatedly violated agreements,” the IRGC spokesman said.
