Objective: This research quantitatively examines the conditional association between inflation and individual religiosity, situating the analysis within the theoretical framework of Islamic economics to test the proposition that economic instability affects spiritual capital.

Methods: Utilizing survey data from 300 households collected in 2024 (1404 SH), this study operationalizes religiosity—the dependent variable—through Glock and Stark's five-dimensional model, employing a standardized instrument from Shojaee Zand (2005/1384). A probit econometric model is used to estimate the effect of inflation on the probability of an individual being religious, while controlling for socio-economic factors.

Results: The analysis reveals a statistically significant and negative association between inflation and religiosity. Specifically, a one-percentage-point increase in the inflation rate is associated with a 28.2% decrease in the predicted probability of religiosity (as a marginal effect at the mean), though causal identification is limited by low variation in the inflation variable.within the sample. Conversely, higher levels of education and income are found to have significant positive effects on this probability.

Implications: These findings provide empirical support for the core Islamic economic premise that macroeconomic instability, exemplified by inflation, can erode the intangible spiritual assets of a community. This empirically-grounded result leads to a key policy inference: inflation control transcends a purely economic objective. The data suggest it should be analytically framed as a cultural and religious priority within public policy, given its statistically significant correlation with a fundamental social indicator like religiosity.