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Iran's inflation rate decreases

Business Materials 23 August 2015 17:27 (UTC +04:00)

Baku, Azerbaijan, Aug. 23

By Umid Niayesh - Trend:

Iran's Statistics Center announced that the inflation rate in the urban area for the 12-month period to the fifth Iranian calendar month of Mordad (ended on Aug. 22) hit 13.8 percent, 0.3 percent less compared to preceding month.

The country's point-to-point inflation in the mentioned month was 11.5 percent, the Statistics Center of Iran reported Aug. 23.

The point-to-point inflation rate statistics identify the rate between distinct points in time, such as the inflation rate at the end of a month compared to the rate of inflation at the end of the same month in the previous year.

The centre also said that the consumer price index (CPI) in Iran's urban areas stood at 215 units in the fifth month of the current fiscal year, which is 0.5 percent more than its preceding month.

The index for foods, drinks, and tobacco products was 252.2, which shows a growth of 0.2 percent compared to the preceding month and a growth of 10.3 percent when compared to the same time last year.

The index for services and non-edible goods hit 202.2. That number comes with a monthly growth of 0.6 percent and an annual growth of 12 percent.

The inflation rate in Iran in 2005 was about 10.4 percent, but in mid-2013, when Iranian president Hassan Rouhani came to power, the inflation rate and point-to-point inflation rate were 37.5 percent and 44 percent, respectively.

Rouhani has promised to decrease the inflation rate to five percent in the Iranian fiscal year of 1395 (to end on March 20, 2017).

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