Iran Open Data Website released a report on January 24, 2024, shedding light on the country’s inflation scenario, which diverges significantly from global norms.
Over the past four decades, Iran has faced a critical and chronic situation regarding the disproportionate increase in the general level of prices.
Not only does the inflation in Iran differ from global standards, but it also stands out when compared to neighboring countries and regional competitors.
According to calculations from Iran Open Data Website, the average prices since 1990 have grown by 55% in Saudi Arabia, 56% in Israel, 312% in the Republic of Azerbaijan, and a staggering 897% in Egypt.
In contrast, Iran holds the top position with a cumulative inflation rate surpassing 12,000% during the same period. Turkey follows closely behind with a cumulative inflation of 10,000% over 25 years.
The cumulative inflation rate is a result of the annual inflation rate over the last quarter-century, based on data from the International Monetary Fund (IMF).
The IMF estimates paint a critical picture for Iran, not only within the region but on a global scale. In 2023, only five countries – Turkey, Argentina, Yemen, Egypt, and Pakistan – are projected to have a higher inflation rate than Iran.
Iran and Turkey, with a 50% inflation rate in one year, stand relatively distant from other countries in the region.
In the same period, Pakistan, Egypt, and Yemen reported inflation rates of 29%, 24%, and 15%, respectively. Meanwhile, Persian Gulf countries demonstrate lower inflation rates ranging from 1 to 4 percent.
Despite four decades of efforts by the Iranian regime to normalize the inflation rate, the crisis remains unabated. This stands in contrast to certain countries that have effectively contained such economic challenges through financial discipline.
Iran’s ongoing struggle with inflation highlights a significant economic hurdle that warrants attention both domestically and on the global stage.
