Inflation rate in Iran falls to 14.3%

Baku, Azerbaijan, May 24

By Umid Niayesh - Trend:

The inflation rate in Iran fell to 14.3 percent for the 12-month period to the second Iranian calendar month of Ordibehesht (ended on May 21).

The inflation rate decreased by 0.2 percent compared to the 12-month period to the preceding month, Mohammad Baqer Nobakht, the head of the Iran's Management and Planning Organization said, Iran's Mehr news agency reported May 24.

However, the Central Bank of Iran (CBI) has not yet announced the inflation rate for the month of Ordibehesht.

The country's point-to-point inflation in the mentioned month was 13.7 percent, 0.3 percent less in comparison with the previous month, Nobakht said.

The consumer price index in Iran's urban areas was 208.8 in the month of Ordibehesht, a 0.5 percent rise compared to its preceding month, Iran's Statistical Center said.

The Statistical Center has put the urban inflation rate for the same month at 14.3 percent.

Iranian president Hassan 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.

Follow the author on Twitter: @UmidNiayesh

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