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Iran’s inflation rate rises 0.2 per cent

Business Materials 1 November 2013 07:00 (UTC +04:00)
The inflation rate for the 12-month period ending in the seventh Iranian calendar month of Mehr, which ended today, hit 36.2 per cent, showing a 0.2 per cent rise compared to the previous month, the ISNA reported.
Iran’s inflation rate rises 0.2 per cent

Azerbaijan, Baku, Oct.30/ Trend, F. Karimov/

The inflation rate for the 12-month period ending in the seventh Iranian calendar month of Mehr, which ended today, hit 36.2 per cent, showing a 0.2 per cent rise compared to the previous month, the ISNA reported.

The Statistical Centre of Iran has announced that the point-to-point inflation rate of the seventh month stood at 32.3 per cent, 4.7 percent less than the previous year, the Mehr News Agency reported.

Iran's average monthly inflation rate was 25.4 percent during the previous Iranian calendar year which ended on March 20.

Iran's inflation rate is hoped to be reduced by 6-7 percent by the end of the current Iranian calendar year (March 20, 2014), ISNA quoted Iranian economy minister Ali Tayyebnia as saying.

Through curbing runaway liquidity growth, the inflation rate is expected to decrease, he added.

Adopting proper and efficient monetary and fiscal policies will help curb the inflation rate, he said.

On October 9, the Mehr News Agency quoted a report by the Statistical Center of Iran as saying that the inflation rate in Iran's rural areas was 42.3 percent in the past Iranian calendar month of Shahrivar, which ended on September 22.

The figure rose 0.9 percent compared to its preceding month of Mordad, which ended on August 22.

Meanwhile, the point-to-point inflation rate hit 42.7 percent.

On October 1, IRNA quoted Masoud Nili, the advisor to the Iranian president, as saying that Iran's economy needs major reforms.

The national economy needs to be reformed in foreign currency, cash subsidies, privatization, and the banking sectors, he said.

Once the four sectors of the economy are reformed, economic activities will go on normally, and then economic improvement will occur, he explained.

Either economic reforms have not been carried out at all in recent years, or have not been carried out correctly, he noted.

The Iranian Parliamentary Research Center released a report, which says Iran's economy contracted 3 percent during the last Iranian year which ended on March 2013, and it is estimated to contract 1.3 percent more during the current Iranian solar year.

According to the report, the average economic growth during the last 8 years averaged 3.52 percent, while the Statistical Centre of Iran said earlier that Iran's economy contracted by 5.4 percent during last solar year.

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