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Iran Government Unable to Halt Soaring Costs, Jomhouri Says

June 20 (Bloomberg) -- Iran’s government may have to abandon efforts to rein in inflation by forbidding producers to increase prices, the Jomhouri Eslami newspaper reported.

The cost of a liter of milk and a kilogram (2.2 pounds) of wheat for local producers are 8,000 rials (0.65 cents) and 5,000 rials respectively, according to the newspaper, which typically reflects the views of the Iranian leadership. Producers can’t be expected to continue selling milk to the government at the official prices of 6,300 rials and 4,200 rials, it said.

Producer costs rose by between 34 percent and 37 percent in the Iranian year that ended in March, Jomhouri Eslami said, citing central bank figures. International sanctions imposed on Iran to curb its nuclear program have weakened the rial and added to inflationary pressures.

To contact the reporter on this story: Ladane Nasseri in Dubai at lnasseri@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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