Iran's Inflation Hits Nearly 90% as the Rial Collapses Against the U.S. Dollar

Iran's consumer inflation has surged to roughly 90% year over year, surpassing the previous peaks of around 50% recorded in 2019 and 2022. Meanwhile, the Iranian rial has plunged to nearly 3 million per U.S. dollar.
The country's oil exports, its primary source of hard-currency revenue, have reportedly fallen from 1.8 million barrels per day to virtually zero.
The argument is that losing dollar revenue while covering financial shortfalls through money creation has fueled the currency collapse and soaring inflation. As more rials circulate while goods become increasingly scarce, purchasing power continues to deteriorate.
Sanctions have added pressure to Iran's economy, but the author argues that domestic monetary expansion by the central bank is the underlying driver of currency debasement.