Annual Inflation Rate in May of This Year; Unprecedented in the Last 78 Years

After the Statistical Center announced the annual inflation rate for May of this year at 49.1%, media reported that the current inflation is unprecedented in approximately 8 decades. The Ham-Mihan newspaper reported on Wednesday, June 1, that this inflation figure has not been seen in Iran in the last 78 years, except for the year 1995. To confirm this unprecedented situation, the newspaper published a table of inflation rates over the past 86 years, citing the Central Bank. Meanwhile, Ebrahim Raisi, the President of the Islamic Republic of Iran, mentioned in a televised speech in April of this year that 'controlling inflation' and 'economic growth' are the main programs of the government for the new year. According to Ham-Mihan, over the past year, the price of oil has risen by 251%, the prices of red meat and chicken by 83%, and the prices of milk, cheese, and eggs by 90%. The newspaper predicts that the lack of change in the government's foreign policy and ongoing budget deficits will lead to triple-digit inflation. Rezaei, an economic expert residing in the United States, cited the imbalance between money supply and insufficient economic production as reasons for the rising inflation in a conversation with the Persian section of Voice of America. At the same time, there are whispers about the removal of government-supported currency for some essential goods, raising concerns about further price increases. According to a member of the Parliament's Planning and Budget Commission, Jabbar Koochiknejad, the removal of the 28,500 Toman currency will certainly increase the prices of goods such as chicken, rice, and medicine. Meanwhile, workers and retirees have recently held protests in various cities, demanding their right to live and cope with rampant inflation. Experts believe that the misery index will see significant growth in the coming months as the long-term effects of protests and government economic policies become apparent. Protests by social security retirees in Khuzestan against poor living conditions and rampant inflation, the trip of the Governor of the Central Bank of Iran to Washington to meet with IMF officials, statistics indicating that inflation has disrupted social relations, protests for economic reasons with telecommunications retirees gathering in at least 11 cities, and the continuation of protests in Iran with at least ten gatherings on Sunday, June 1. A report from the Parliament Research Center indicates that the inflation rate felt by the people is 86%.