Inflation rate in Iran hits 29.8 percent

Business Materials 2 March 2013 17:23 (UTC +04:00)

Azerbaijan, Baku, Mar.2 / Trend F.Mehdi/

Inflation rate in the 12-month period ended the eleventh Iranian calendar month of Bahman (February 18) hit 29.8 percent, the Fars News Agency reported.

The inflation rate rose by 1.1 percent compared to the 12-month period ended on January 19.

The Central Bank of Iran has announced that the inflation rate in the current Iranian current calendar year 1391, which ends on March 20, will hit 31.5 percent, ISNA reported.

The inflation rate had been projected to hit 32 percent, but measures have been taken to curb the rate at 31.5 percent, ISNA quoted Central Bank governor Mahmoud Bajmani as saying.

In December 2012, IRNA quoted Finance and Economic Affairs Minister Shamseddin Hosseini as saying that the Iranian administration has special plans to curb a probable surge in inflation during the final months of the current Iranian calendar year, ending on March 20, 2013.

Since recent rises in prices of goods are in close relation with rises in foreign currency prices, so we should rein in foreign currency shocks, he added.