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Iran Raises Price of Bread in Subsidy Phaseout

Source: VOA

Iran has raised the price of bread by as much as 25 percent as part of a plan to phase out government subsidies. The price hike, which took effect Tuesday, increases the cost of the four most popular types of bread to as much as 45 cents a loaf. 

Sangak Bread Bakery in Tehran

In January, Iran's top legislative oversight body, the Guardian Council, approved a bill that gradually phases in cuts for government subsidies for goods such as fuel, electricity and bread. 

The plan is designed to help stabilize Iran's economy as it struggles under international sanctions. 

In March, Iran raised its minimum wage for laborers in cities to approximately $350 per month. About one-third of city workers earn minimum wage, but people working in villages often receive lower wages.

Sangak Bread

Iran is under U.N. Security Council-imposed economic sanctions over suspect parts of its nuclear program. Iran says its nuclear ambitions are peaceful. Iran has said it feels no impact from the sanctions and that subsidy moves are unrelated to Western actions.

Some information for this report was provided by AP.

... Payvand News - 03/25/16 ... --

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