BREAKING NEWS

Iran acknowledges sanctions driving up living costs

By ASSOCIATED PRESS

OCTOBER 30, 2010 14:46

TEHRAN, Iran — Iranian officials have acknowledged that international sanctions imposed on the country over its nuclear program have dramatically increased the cost of living, but they say the penalties will ultimately prove futile.

Iran is under four sets of UN Security Council sanctions as well as other penalties by the United States and the European Union because of its refusal to halt a key aspect of its nuclear program.

Commerce Minister Mahdi Ghazanfari said Saturday that if the sanctions were really having an impact, then the UN would not have had to impose four sets of penalties.

But Chamber of Commerce President Mohammad Nahavandian did say the sanctions have driven up the cost of imports by 30 percent.

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