Prices surge, jobs disappear as war strains Iran’s economy

New Supreme Leader Mojtaba Khamenei says the country must defeat its enemies in an economic and cultural struggle, as well as militarily.Tehran, Iran – Prices are surging in Iran, and millions of jobs have been lost or are on pause as the war with the US and Israel causes escalating economic damage.Food and medicine, cars, electrical devices and petrochemical products are among many items for which Iranians needed to pay much more this Saturday, the first day of the working week, than the previous week.Recommended Stories list of 3 itemslist 1 of 3Could the US-Iran war become a protracted ‘frozen’ conflict?list 2 of 3Who profits big from the war on Iran?list 3 of 3‘Turbulent and dangerous’: How shipping is the new global battlegroundend of listA toxic mix of local mismanagement, the bombardment of Iran’s infrastructure, US sanctions and a naval blockade, as well as a near-total internet shutdown imposed by the authorities in Tehran – now in its 64th day – is pummelling the economy in the country of more than 90 million people.The national currency, the rial, has hit a new all-time low of 1.84 million against the US dollar in the open market in Tehran. Currency deals were scant amid market volatility.A similar situation is unfolding in other markets, where sellers and customers are unsure how to proceed in light of the uncertainty over how much worse things could get, and whether new products will come in.Amid lowered or halted supplies, some vendors were gouging prices at speeds rarely seen during more than a decade of dealing with one of the world’s highest inflation rates.A 256GB iPhone 17 Pro Max, priced by Apple at $1,200 in the US, was being offered at close to 5 billion rials ($2,750) by some shops in the capital. Others were simply refusing to sell.A Peugeot 206, a modest French passenger car that is also now produced and popular in Iran, costs an eye-watering 30 billion rials ($16,500).