• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 4 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 20 hours Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
  • 9 hours Saudi Arabia turns to solar
  • 6 hours Why is permian oil "locked in" when refineries abound?
  • 2 hours Could Venezuela become a net oil importer?
  • 13 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 8 hours Teapots Cut U.S. Oil Shipments
  • 8 hours Oil prices going down
  • 9 hours Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 1 day "The Gasoline Car Is a Car With a Future"
  • 1 day Sell out now or hold on?
  • 24 hours What If Canada Had Wind and Not Oilsands?
  • 22 hours U.S. Withdraws From U.N. Human Rights Council
  • 9 hours Putin Says 'Fierce' U.S. Politics Hindering Summit With Trump
  • 19 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22

Meat becomes a Luxury Good in Iran as Inflation continues

Economic sanctions against Iran are really beginning to bite now. Hyperinflation has struck its currency, causing the rial to lose more than half its value against the dollar in the past couple of months.

The falling currency is putting severe pressure on Iranian civilians, which has led to street protests and riots. This week riot police had to fire tear gas at crowds of protestors, and now hundreds of security personnel roam the streets to try and deter any more campaigns.

The inflation, estimated at 29 percent last week, is causing food prices to soar. Milk rose by 9 percent yesterday, and Behrouz Madani, a butcher from northwest Tehran, said that chicken, once a staple of Iranian meals, has doubled in price since last year.

In fact meat has become so expensive that it is generally considered a luxury good now.

“Most of my customers just look at products behind the window and pass,” he said. “I see them going to the next store, which is a bakery, to feed their families with bread.”

Mostafa Daryani, whose family owns a Tehran supermarket chain, remarked that the people “are nervous about tomorrow and next week because they don’t know how much more expensive things will be. They only buy their daily needs and ignore most of the things that are not urgent for daily life. Instead of one bottle of milk, they buy two.”

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News