Iran’s inflation rate stands at 12.6%-CBI

Business Materials 24 February 2016 17:05 (UTC +04:00)

Baku, Azerbaijan, Feb. 24

By Fatih Karimov- Trend:

The Central Bank of Iran announced that the inflation rate in the urban area for the 12-month period to the eleventh Iranian calendar month of Bahman (ended on Feb. 20) hit 12.6 percent, 0.6 percent less compared to preceding month.

However, the Statistical Center of Iran has put the inflation rate for the same period 11.8 percent, 0.4 percent less than the previous month.

The country's point-to-point inflation in the mentioned month was 8.9 percent, 0.7 percent less than the previous month, the CBI said Feb. 24.

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 Central Bank also said that setting the Iranian fiscal year 1390 (March 21, 2011 to March 20, 2012) as the main one, that is 1390=100, the consumer price index (CPI) in Iran 's urban areas stood at 233.1 units in the eleventh month of the current fiscal year, which is 0.2 percent more than its preceding month.

The index for foods and drinks shows a rise by 0.1 percent compared to the preceding month and a growth rate of 4.6 percent when compared to the same time last year, according to the CBI.

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).