Iran’s inflation rate decreases to 9.7% - Central Bank

Business Materials 25 June 2016 14:27 (UTC +04:00)

Baku, Azerbaijan, June 25

By Fatih Karimov – Trend:

The Central Bank of Iran (CBI) confirmed that the country’s economic inflation has reached a one-digit figure, first time in 25 years.

The CBI announced that the inflation rate in the urban area for the 12-month period to the third Iranian calendar month of Khordad (ended on June 20) hit 9.7 percent, 0.7 percent less compared to preceding month.

However, the Statistical Center of Iran has put the inflation rate for the same period 9.5 percent, 0.7 percent less than the previous month.

The country's point-to-point inflation in the mentioned month was 6.8 percent, 0.5 percent less than the previous month, the CBI said June 25. Point-to-point inflation is a term frequently used by the Iranian government, denoting the inflation usually over one month.

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 240.9 units in the third month of the current fiscal year, which is 1.2 percent more than its preceding month. The figure shows an annual growth of 6.8 percent.

The index for foods and drinks shows a rise by 2.5 percent compared to the preceding month and a growth rate of 2.7 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.