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Updated: December 20, 2010 15:18 IST

Iran doubles price of bread with subsidy cut

AP
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Iranian bakers work at their bakery in central Tehran on December 18, 2010. File photo: AP.
Iranian bakers work at their bakery in central Tehran on December 18, 2010. File photo: AP.

Iran’s government has slashed subsidies on food, doubling the cost of bread in order to ease pressure on an economy straining under international sanctions.

Mohammad Reza Farzin, the programme’s spokesman, told the state news agency on Monday that the government is paying 80,000 rials ($8) to each Iranian national for a period of two months to compensate for the increase in bread prices.

Prices for subsidized fuel quadrupled on Sunday as part of a new economic plan to reduce costs.

The government has described the plan as the “biggest surgery” to the nation’s economy in half a century.

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