Iran inflation falls to 19.1%

Business Materials 27 October 2014 11:59 (UTC +04:00)
Iran inflation falls to 19.1%

Tehran, Iran, Sept. 27

By Milad Fashtami - Trend:

The Statistical Center of Iran announced that the inflation rate for the 12-month period to the seventh Iranian calendar month (ended on October 22) hit 19.1 percent.

The figure is 1.5 percent less than its preceding year, the Statistical Center of Iran reported on its official website on Oct.27.

The country's point-to-point inflation in the mentioned month was 14.2 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 consumer price index (CPI) also stood at 197 units in the 7th month of the current year, which is 1.4 units more than its preceding month.

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

Rouhani said at the time that the country was struggling with inflation rate of 40 percent last year. The president also vowed to decrease the inflation rate to 5 percent in the [Iranian calendar] year of 1395 (to end on March 20, 2017)

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.