One US dollar now costs 2 million rials in Iran, and here’s what it can buy

Key Points:

• The Iranian rial has plummeted to a historic low, surpassing 2 million rials to $1 on the free market, following the US's toughest sanctions aimed at crippling Tehran's economy amid ongoing US-Israel tensions.
• Inflation has surged dramatically, with prices of basic goods like tomatoes, chicken, cooking oil, insulin, and baby formula increasing by 71% to over 600%, severely impacting everyday affordability for Iranian families.
• Many Iranians, such as working parents and small business owners, report struggling to cover essential expenses, with wages failing to keep pace with soaring costs and economic instability exacerbated by war damage and a US naval blockade.
• The government-approved minimum wage remains insufficient, leading to declining purchasing power and forcing families to cut back on necessities, while many retailers face bankruptcy due to reduced sales and rising costs.
• Overall, Iran's economic crisis is deepening, with inflation and sanctions widening the gap between income and expenditure, making it increasingly difficult for millions to meet basic living expenses.