Iran’s currency hits record low as sanctions and war drive up prices

The Iranian rial has fallen to a record low of 2 million against the US dollar on the free market, following new US sanctions and the US-Israel war, severely worsening economic conditions for the country's 92 million people. Basic food prices have surged dramatically since before the war, with tomatoes up 71 percent, chicken 74 percent, and cooking oil 177 percent. Insulin prices have risen 642 percent, while paracetamol and baby formula cost about 95 percent more, forcing families to cut spending. The government-approved minimum wage is about $82 monthly, far below daily expenses, as war damage, a naval blockade, and sanctions disrupt production and imports. Many workers report reduced incomes and businesses facing bankruptcy, widening the gap between salaries and living costs.