CBI deputy governor says Iran inflation to fall below 20% in near future

Tehran, Iran, Sept. 28

By Milad Fashtami - Trend:

Iran's inflation will fall below 20 percent in the near future.

Deputy Governor of the Central Bank of Iran (CBI) Peyman Qorbani said the country's inflation currently stands at around 21.1 percent, IRNA news agency reported Sept. 28.

"The point-to-point inflation also stands at 14.4 percent," Qorbani added.

He went on to note that the country's inflation in the 7th calendar month of
pervious year (September 23, 2013 - November 22, 2013) was around 40
percent.

"Reducing the inflation is among top concerns of the government," he noted. "Unlike previous years, Iran's GDP boosted significantly in all economic
sectors, including industry and agriculture."

The CBI announced that the inflation rate for the 12-month period to the sixth Iranian calendar month (ended on September 22) hit 21.1 percent.

The country's point-to-point inflation in the mentioned month was 14.4
percent, Mehr news agency said Sept. 26.

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 consumer price index (CPI) also stood at 202 units in the sixth month of the current year, or 1.4 units more than in the preceding month.

Iranian President Hassan Rouhani said Aug. 20 that the country's inflation will fall below 20 percent by the end of the current calendar year (March 20, 2015).

"When I took office last year, I vowed to decrease the inflation rate to below 25 percent by the end of the current calendar year, but I now promise that the inflation will fall below 20 percent by the mentioned time," Rouhani said, IRNA news agency reported.

He went on to note that the country was struggling with inflation rate of 40
percent last year.

"When the government started its work I promised that the inflation will fall below 35 percent by the end of the year (March 20) and as you saw the inflation rate stood at 34 percent at the end of the year," Rouhani added.

Iranian president vowed to decrease the inflation rate to 5 percent in the [Iranian calendar] year of 1395 (to end on March 20, 2017), Mehr news agency reported.

"Containing inflation is the main economic priority of the government," 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 Ahmadinejad handed over the office to Rouhani, the inflation rate and point-to-point inflation rate were 37.5 percent and 44 percent, respectively.

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