Iran’s rural inflation rate falls to 17.3%

Business Materials 9 December 2014 11:42 (UTC +04:00)

Baku, Azerbaijan, Dec. 9

By Fatih Karimov - Trend:

The inflation rate in Iran's rural areas for the 12-month period ended the eighth Iranian calendar month of Aban (November 21) has amounted to 17.3 percent.

The inflation rate decreased by 1.6 percent compared to the figure for 12-month period ended the seventh calendar month of Mehr (October 22), the Statistical Center of Iran reported on Dec. 8.

The current Iranian calendar year began on March 21.

The point-to-point inflation in the mentioned month was 12.1 percent, while the previous month it stood at 11.8 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.

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

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).

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.