Iran economy spirals as inflation rises

Reports indicate a deterioration in Iran's economic situation due to ongoing war and tensions, with inflation rates exceeding 80% for three consecutive months. Food prices increased by approximately 130% in July. Amid declining purchasing power, Iranian companies are expanding their offerings of installment purchase plans and "buy now, pay later" services, with more than 12 online platforms providing these services without interest or fees, such as "Snap Pay," which allows customers to pay in monthly installments or at the end of the month. These measures aim to maintain sales amidst declining demand, as many families have had to reduce their daily purchases due to the falling value of the rial and rising living costs. The economy is also facing a sharp rise in unemployment, reaching 9.1%, with approximately 2.5 million unemployed. Inflation has surpassed price increases, leading to economic losses estimated at around $270 billion as a result of ongoing war and conflicts.

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