Iran’s annual urban inflation hits 15.6%

Business Materials 29 March 2015 16:56 (UTC +04:00)

Baku, Azerbaijan, March 29
By Khalid Kazimov - Trend:

The urban inflation rate for the twelve months of the previous Iranian fiscal year which ended on March 20 hit 15.6 percent.

The price index of goods and services for the year's last month in urban areas of the country hit 216.8, registering a 1.3-percent rise compared to the preceding month, the Central Bank of Iran's message said.

The number also shows a rise of 16.2 percent compared to the same period of the previous year.

The report adds that the annual inflation for the entire year (March 21, 2014 to March 20) in urban areas hit 15.6 in comparison to the same period of the preceding year.

Iranian First Vice President Eshaq Jahangiri said March 20 that President Hassan Rouhani administration managed to lower Iran's economic inflation from 40 percent when it came to office to 16 percent at the end of the previous Iranian fiscal year (March 20).

The administration of President Hassan Rouhani faced more than 100 trillion rials (about $3.2 billion) budget deficit in the first nine months of the previous Iranian fiscal year.
Rouhani has promised to decrease the inflation rate to 5 percent in the Iranian fiscal year of 1395 (to end on March 20, 2017).

The inflation rate in Iran in 2005 was about 10.4 percent, but in mid-2013, when Rouhani came to power, the inflation rate and point-to-point inflation rate were 37.5 percent and 44 percent, respectively.