{"id":325495,"date":"2024-11-03T12:18:24","date_gmt":"2024-11-03T11:18:24","guid":{"rendered":"https:\/\/www.ncr-iran.org\/en\/?p=325495"},"modified":"2024-11-03T12:20:50","modified_gmt":"2024-11-03T11:20:50","slug":"irans-middle-class-plunges-deeper-into-poverty-amid-soaring-inflation-and-economic-stagnation","status":"publish","type":"post","link":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-middle-class-plunges-deeper-into-poverty-amid-soaring-inflation-and-economic-stagnation\/","title":{"rendered":"Iran\u2019s Middle Class Plunges Deeper into Poverty Amid Soaring Inflation and Economic Stagnation"},"content":{"rendered":"
\"Tehran-population2\"
A crowded street in Tehran, Iran’s capital<\/figcaption><\/figure>\n

Three-minute read<\/span><\/i><\/b>\u00a0<\/span><\/p>\n

Recent reports highlight a severe economic crisis in Iran, where millions of middle-class citizens have slipped below the poverty line due to accelerating inflation and deepening financial turmoil. Earlier this year, the Parliamentary <\/span>Research Center revealed<\/span><\/a> that the poverty line surged by 68% in 2023 compared to the previous year, making it increasingly difficult for families to afford even basic necessities and maintain a sufficient level of daily caloric intake.<\/span>\u00a0<\/span><\/p>\n

On November 3, the U.S. dollar <\/span>crossed the 70,000 toman<\/span><\/a> mark in Tehran’s foreign exchange market, reaching 70,200 toman. This significant devaluation has further strained purchasing power and escalated prices for essential goods. Economic analysts have noted that \u201cthe government\u2019s policy in the currency sector and budget planning will not allow stabilization or a decrease in the exchange rate,\u201d underscoring the limited capacity for intervention in the current crisis. Minimum monthly living expenses for an average family have <\/span>surged to 36 million tomans<\/span><\/a>, while the average monthly income remains at only <\/span>10.89 million tomans<\/span><\/a>.\u00a0<\/span>\u00a0<\/span><\/p>\n

Adding to the financial pressure, a significant hike in gasoline prices is anticipated for 2025. <\/span>Mehrdad Lahouti<\/span><\/a>, Vice President of the Budget and Planning Commission, highlighted the implications, stating, \u201cThis year, 90 trillion tomans were allocated for gasoline imports, but for next year, only 65 trillion tomans have been budgeted.\u201d Lahouti explained the obvious outcome: \u201cThis clearly means that the government is likely planning to raise gasoline prices next year.\u201d He also acknowledged that these decisions are made elsewhere and not solely within the purview of parliament, saying, \u201cDecisions on these matters are made in other places, and 80% of the power in this regard has been transferred elsewhere.\u201d The public remains largely unaware of how fuel prices will be determined, adding uncertainty and concern.<\/span>\u00a0<\/span><\/p>\n

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#Iran<\/a> News:
Economy Plunges as Rial Hits Record Low and #StockMarket<\/a> Suffers Sharp Declinehttps:\/\/t.co\/7o6WlZsO10<\/a><\/p>\n

— NCRI-FAC (@iran_policy) October 20, 2024<\/a><\/p><\/blockquote>\n