In a recent report by the World Bank, Iran's food inflation has been recorded at 37.4% for the year ending on September 22, 2023. This marks a considerable decrease from both the previous year and the rate of 38% observed in August 2023.
The current rate is almost half of the peak inflation rate of 71.4% that was recorded in October 2022. The initial surge in food prices was caused by the abolition of a preferential currency system that previously made it easier to import basic goods into Iran.
However, since May 2023, a consistent decline in food inflation has been noted, indicating a possible stabilization in the country's food market. The World Bank's report, which was referenced by Iran's economy ministry, highlights this significant downward trend.
The report further mentions Venezuela, Lebanon, and Argentina as countries currently struggling with high rates of food inflation worldwide. Despite this global context, the focus remains on Iran's notable progress in reducing its food inflation within a year.
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