Iran inflation rate hits 35.5 percent

Business Materials 29 December 2013 18:05 (UTC +04:00)

Baku, Azerbaijan, Dec. 29

By Umid Niayesh - Trend:

The Statistical Center of Iran announced that the inflation rate for the 12-month period ending on Dec. 21, which was the last day of the Iranian calendar month of Azar (Nov. 22- Dec.21), hit 35.5 percent, which was down 0.4 percent compared to the previous month, Mehr news agency reported on Dec. 29.

The point-to-point inflation rate hit 28.8 percent, which indicates a fall of 1 percent, compared to the preceding month.

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

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

On Oct. 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.

Edited by C.N.