Iran inflation hits 25 percent, trade minister says

Iran inflation hits 25 percent, trade minister says

Tehran, Iran, Jul. 30

By Milad Fashtami - Trend:

Iranian industry, mine, and trade minister said that the country's inflation rate for the 12-month period to the fourth calendar month (ended on July 21) hit 25 percent.

"The figure was around 40 percent in the same month previous year,"Mohammad-Reza Nematzadeh said on July 30, Iran's ISNA News Agency reported.

"High inflation and recession were the two main obstacles of the country's economy in the past 12 months," he explained.

"We have managed to resolved some of the problems, but some others still exist ," Nematzadeh said.

Iranian Finance and Economic Affairs Minister Ali Tayyebnia said on July 19 that the country plans to decrease its inflation rate to a one-digit number.

"The government will pursue its policies to snap the country's economy out of recession," he said.

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

Tayyebnia said in October 2013 that the government plans to reduce the inflation rate by 6 to 7 percent by the end of the current calendar year (March 20, 2014).

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).

"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 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 percent," he said.

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