Thanks to Babak Kamiar and Euronews for the Headline
I can’t claim to understand what is happening with the current situation in the strait of Hormuz all I know is that it is causing and will continue to cause everything to get more expensive. Yes what is our inflation figure published by the Office for National Statistics? About 3.1% currently.
Iran, however, and I think more about the people in Iran, not their Government , are now suffering exhaustive hyper-inflation.
In 1979 (the time of the Islamic revolution , the US dollar was worth approximately 7 tomans. 1 toman is worth ten rials. (The rial is Iran’s official currency). Today the US dollar is worth 270,000 tomans on Iran’s informal market, more than double it’s level at the start of this year.
Now that is crippling inflation, one which if we were experiencing would be crushing.
Perhaps this is a war of attrition.
Namaste and Thank you for Reading.🙏
