Iran's rial currency plummets to new low, sparking fears of higher food prices

Iran's rial currency fell on Wednesday to a new low of 1.2 million to the US dollar as nuclear sanctions squeeze Tehran's ailing economy.

Traders offered the new exchange rate on Tuesday.

The new record low is increasing pressure on food prices and other costs, making daily life much more challenging for Iranians. Prices are up on meat, rice and other staples of the Iranian dinner table.

Meanwhile, people worry about a new round of fighting between Iran and Israel — as well as potentially the United States — after June's 12-day war.

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