Consumer prices dropping in Iran as currency regains value

Al-Monitor – With Iran’s national currency getting back on its feet in a fast-track trend that started this week, consumer prices in the country are reportedly falling sharply.

Iranian media reported that it took almost no time for a variety of products to witness price drops as the national currency, the rial, rapidly rallied against foreign currencies. The situation, described by moderate paper Hamshahri as a “domino effect,” has already reached domestically produced and imported cars, home appliances and cellphones. Prices within those three categories particularly skyrocketed following the US withdrawal from the Joint Comprehensive Plan of Action on May 8. Hamshahri also predicted a further plunge in those prices in the coming days.

Offering similar estimates, reform-leaning paper Arman wrote about “some peace of mind returning to Iranian society.” Javan, a hard-line daily, reported that cellphone prices have seen a 20% price drop already. Prices, according to Minister of Communications and Information Technology Mohammad Javad Azari Jahromi, will soon be sliced in half.

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