KABUL: Several months of war between Iran and the United States, coupled with an ongoing naval blockade of Iran’s southern ports, have placed increasing pressure on the country’s economy, with food prices and unemployment rising, Al Jazeera reports.
According to data from Iran’s Statistical Center, annual inflation reached around 88 percent in July, while food inflation exceeded 128 percent, and youth unemployment was also recorded at 23.4 percent in the spring.
Iranian President Masoud Pezeshkian said the war and naval blockade had increased government costs and negatively affected Iran’s ability to sell oil and collect tax revenues.
Al Jazeera reported that Iran’s economy is facing severe pressure, but said the country remains far from an outright economic collapse.