Minister: Iran's inflation rate to decline

Azerbaijan , Baku, Sept. 25/Trend A. Qurbanova/

Iran 's inflation rate will reduce in mid-November while the Central Bank of Iran and Economy Ministry work to improve the situation, Mehr News Agency quotes Iran's Economy Minister Shamsoldin Hossini as saying.

"An increase in inflation rate is not the result of removing subsides, but it is affected by other measures including oil price and increase in prices of food products," he said.

Before implementing removing subsidies the inflation rate was forecasted to reach 70 percent, but it reached approximately 12 percent, he added.

He stressed that taking into account an increase in prices the inflation rate increased, however it will start to decline in mid-November after reforming the prices.

The Central Bank of Iran (CBI) previously announced that Iran's inflation rate reached 16.3 percent from June 21 to July 22.

The Iranian Statistical Center issued a report which says that country's inflation rate hits 19.6 percent from past twelve months until July.

The country's Statistical Center has recently reported that the country's unemployment rate hits 13.5 percent. However, as the International Monetary Fund reported last week, Iran's inflation rate will reach 22.5 percent by late 2011.

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