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Iran inflation rate hits 40 per cent

Business Materials 3 December 2013 11:32

Baku, Azerbaijan, Dec. 3

By Rahim Zamanov - Trend:

The Central Bank of Iran announced the inflation rate for the 12-month period ending on the last day of the eighth calendar month of Aban (October 23 - November 22) hit 40 per cent.

The figure shows a 0.4 percent decrease compared to the previous month, the IRIB News Agency reported.

Meanwhile, the point-to-point inflation rate hit 31.9 percent.

Iranian President Hassan Rouhani said on November 26 that his government plans to reduce the inflation rate to below 25 per cent by the end of Iranian calendar year 1393 (March 20, 2015).

"The inflation rate is projected to be 35 per cent at the end of the current Iranian calendar year (March 20, 2014)," IRNA quoted Rouhani as saying.

The Statistical Center of Iran announced that the inflation rate for the 12-month period ending on October 22, which was the last day of the Iranian calendar month of Mehr (September 23-October 22), hit 36.2 percent, which was a 0.2 percent rise compared to the previous month.

On October 27, Finance and Economic Affairs Minister Ali Tayyebnia said Iran plans to shrink the inflation rate by 6-7 percent by the end of the current Iranian calendar year (March 20, 2014).

"Through curbing the runaway liquidity growth in the country, the inflation rate is hoped to be decreased," he added, ISNA reported.

Adopting proper and efficient monetary and fiscal policies will help curb the inflation rate, he said.

Valiollah Seif, the central bank governor, has said he will focus on controlling liquidity and bringing down inflation as President Hassan Rouhani has agreed to separate monetary and fiscal policies, giving the bank more independence.

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