Iran rural inflation rate hits 28.3 percent

Iran rural inflation rate hits 28.3 percent

Tehran, Iran, July 9

By Milad Fashtami - Trend:

The Statistical Center of Iran put the inflation rate of the country's rural areas in the 12-month period to the third Iranian calendar month (ended on June 21) at 28.3 percent.

The consumer price index (CPI) also stood at 195.6 units in the third month of the current year, which is 0.4 units more than its preceding month, Iran's Mehr News Agency reported on July 9.

The rural areas' point-to-point inflation in the mentioned month was also 13.7 percent

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 Central Bank of Iran previously announced that the country's 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.

Head of Tehran's Chamber of Commerce Yahya Al-e Es'haq said on July 8 that the Iranian government seeks to decrease the country's inflation rate to a one-digit figure in two years.

Iranian president has vowed to decrease the inflation rate to 5 percent in the [Iranian calendar] year of 1395 (to end on March 20, 2017), Iran's Mehr News Agency reported.

"Containing inflation is the main economic priority of the government," he said.

Iranian President Hassan Rouhani said on July 1 that the country's inflation will continue its falling trend.

"Iran'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 office one year ago, Iran's Ghareh news website reported on July 1.

"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 inflation in order to snap the country's economy out of recession," he said.

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.

"Improving relations with foreign countries may even cause the figure to fall below 25 per cent," he explained.

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