Few weeks ago, we reported on the increase in dairy products and poultry meat. This week, it’s “rice turn”! Rice price in Iran jumps three times.
Since the speedy devaluation of the Rial in May 2018, the Government assigned subsidized exchange rate to “essential goods”. Until now, this list included imported rice which used an exchange rate of 42,000 rials for one US dollar.
This week, the government eliminated rice from the list of essential goods and therefore the import of rice shall be done according to a higher rate, i.e. NIMA rate, 175,000rials for $1.
The new rule has tripled the price of imported rice and therefore the price of a 10-kilogram bag of Indian basmati rice now is about 1.65 million rials. Iranian high quality rice costs about 240,000 rilas/kg.