Iran's inflation rate hits 14.1%

Business Materials 25 July 2015 16:56 (UTC +04:00)

Baku, Azerbaijan, July 25

By Umid Niayesh - Trend:

Iran's Statistics Center announced that the inflation rate in the urban area for the 12-month period to the fourth Iranian calendar month of Tir (ended on July 21) hit 14.1 percent, 0.1 percent less compared to preceding month.

The country's point-to-point inflation in the mentioned month was 12.8 percent, the Statistics Center of Iran reported July 25.

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.

The centre also said that the consumer price index (CPI) in Iran's urban areas stood at 213.9 units in the fourth month of the current fiscal year, which is 1.2 percent more than its preceding month.

The index for foods, drinks, and tobacco products was 251.7, which shows a growth of 0.8 percent compared to the preceding month and a growth of 12.9 percent when compared to the same time last year.

The index for services and non-edible goods hit 201. That number comes with a monthly growth of 1.4 percent and an annual growth of 12.7 percent.

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

Rouhani has promised to decrease the inflation rate to five percent in the Iranian fiscal year of 1395 (to end on March 20, 2017).

Follow the author on Twitter: @UmidNiayesh