Iran's inflation hits 17-year high

Business Materials 30 March 2013 14:49 (UTC +04:00)

Azerbaijan, Baku, March 30/ Trend G.Mehdi/

Inflation rate in Iran has hit a record high in the past calendar year, which ended on March 20, Tasnim News Agency reported.

The inflation rate passed 30 percent in the past year, which was a record high for the past 17 years.

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.

Iran's inflation rate is highest among the Middle East countries, Iranian parliament's research center reported back in February.

According to the report, the country also was 6th on the list of countries with highest inflation rate among Southwestern Asian nations in 2012.

The inflation rate in Iran is 4.3 times of the average rate among Southwestern Asian nations, according to the report.