Iran’s inflation rate falls to 11.8%

Business Materials 21 February 2016 13:53 (UTC +04:00)

Baku, Azerbaijan, Feb. 21

By Fatih Karimov- Trend:

Iran's Statistics Center announced that the inflation rate in Iran's urban areas for the 12-month period to the eleventh Iranian calendar month of Bahman (ended on Feb. 20) hit 11.8 percent, 0.4 percent less compared to the preceding month.

The country's point-to-point inflation in the mentioned month also decreased by 0.5 percent to 8.9 percent, the center reported Feb. 21.

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 center also said that the consumer price index (CPI) in Iran's urban areas stood at 222.4 units in the eleventh month of the current fiscal year, which is 0.4 percent more than its preceding month.

The index for foods, drinks, and tobacco products was 258.8, which shows a decrease of 0.6 percent compared to the preceding month. The figure shows an annual growth of 7.6 percent.

The index for foods also stood at 256.9, 0.7 percent less month on month and with a growth of 7.7 percent when compared to the same time last year.

The index for services and non-edible goods hit 209.9. That number indicates 0.3 percent monthly fall, meanwhile comes with an annual growth of 9.5 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).