Iran inflation to continue falling, president says

Business Materials 1 July 2014 14:28 (UTC +04:00)

Tehran, Iran, Jul. 1

By Milad Fashtami - Trend:

Iranian President Hassan Rouhani said that the country's inflation will continue to fall.

"Ira's point-to-point inflation is currently around 14.7 percent," he said, noting that the figure was about 43-44 percent before he took the office one year ago, Iran's Ghareh news website reported on July 1.

The point-to-point inflation rate statistics identify the rate between distinct points in time, such as the inflation rate at the end of a month compared to the rate of inflation at the end of the same month in the previous year.

"The price of staple food didn't increase in the third calendar month of the current year [May 21 - June 20]," he said.

The government first needs to contain the inflation in order to snap the country's economy out of recession," he said.

The Central Bank of Iran announced that the inflation rate for the 12-month period to the third Iranian calendar month (ended on June 21) hit 27.7 percent.

The country's point-to-point inflation in the mentioned month was 14.7 percent, Iran 's Mehr News Agency reported on June 30.

The consumer price index (CPI) also stood at 194 units in the third month of the current year, which is 1.7 units more than its preceding month.

The Statistical Center of Iran previously put the inflation rate for the mentioned month at 26.2 percent.

The inflation rate in Iran in 2005, when Ex-President Mahmoud Ahmadinejad took the government was about 10.4 percent, but in mid-2013, when Ahmadinejd handed over the office to Rouhani, the inflation rate and point-to-point inflation rate were 37.5 percent and 44 percent, respectively.

Iranian President Hassan Rouhani said on March 29 that the country's inflation rate is projected to drop to 25 percent by the end of the current Iranian calendar year (March 20, 2015), Iran 's Arsh news website reported.