Baku, Azerbaijan, May 24
By Fatih Karimov - Trend:
The Central Bank of Iran (CBI) aims to lower inflation to single digit by summer 2017, Valiollah Seif, head of the CBI said.
"This summer the country will witness a one-digit inflation rate after 25 years," Seif said, Iran's Central Bank reported May 24.
The CBI also announced that the inflation rate in the urban area for the 12-month period to the second Iranian calendar month of Ordibehesht (ended on May 21) stood at 10.4 percent.
This is while the number for the 12 months ending in April 20 had stood at 11.2 percent, according to the CBI.
However, the Statistical Center of Iran has put the inflation rate for the period to May 21 at 10.2 percent, 0.6 percent less than the previous month.
The country's point-to-point inflation in the mentioned month was 7.3 percent. The point-to-point inflation rate statistics identifies 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 of the previous year.
The Central Bank also said that setting the Iranian fiscal year 1390 (March 21, 2011 to March 20, 2012) as the main one, that is 1390=100, the consumer price index (CPI) in Iran 's urban areas stood at 238.1 units in the second month of the current fiscal year, which is 0.9 percent more than its preceding month.
The index for foods and drinks shows a rise by 1.4 percent compared to the preceding month and a growth rate of 1.8 percent when compared to the same time last year, according to the CBI.
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.