The Iranian rial has fallen to a new all-time low against the US dollar on the free market, dropping past 2 million rials to $1. This comes after Washington launched its toughest sanctions yet and amid the ongoing US-Israel war on Iran, which began on February 28.

The depreciation has led to significant price increases for everyday items. Tomatoes are up 71%, chicken 74%, and cooking oil 177%. Essential medicines have also seen sharp rises, with insulin up 642% and paracetamol 93%. The government-subsidized baby formula is 95% more expensive. For Iranian families, this means a weekly grocery bill has increased by 20% to 30%, with some reporting a tenfold increase for the same goods.