Purchasing power among Iranian labourers declines

Iran Materials 30 May 2012 17:39 (UTC +04:00)

Azerbaijan, Baku, May 30/ Trend F.Milad/

The surge in the price of goods during the past six weeks has reduced the purchasing power among labourers in Iran, so that those who receive the officially announced minimum monthly wage of 3.89 million rials can meet just half of their needs in the most optimistic case.

The High Council of Labour approved the minimum wage of labourers for the current calendar year at 3.89 million rials, the Mehr News Agency reported.

The report added that the administration's supervision on prices of goods, especially clothing, food, and housing has been weakened during the past six weeks.

Central Bank Governor Mahmoud Bahmani has predicted that the inflation rate for the second calendar month of Ordibehesht (ended on May 20) was not over 0.5 per cent above that of the first month, which was declared to be 21.8 per cent.

The inflation rate for the second month will be officially announced today, he added, the ISNA News Agency reported.

A member of the Iranian parliament (Majlis) has rejected President Mahmoud Ahmadinejad's recent claim that inflation rate in the country is around six per cent.

On May 15, Hamidreza Fouladgar told the Mehr News Agency that the country is grappling with two-digit inflation rate. The improper implementation of the subsidy reform plan as well as the ineffective policies of the administration and the judiciary has led to a rise in the inflation rate, he added.