Iran’s inflation rate continues to rise

Business Materials 26 April 2017 12:42 (UTC +04:00)

Baku, Azerbaijan, Apr. 26

By Fatih Karimov – Trend:

The inflation rate in Iran’s urban areas for the 12-month period to the first calendar month of Farvardin (ended on April 20) hit 9.5 percent, which indicates an increase by 0.5 percent compared to the preceding month, the Central Bank of Iran (CBI) said on Apr. 26.

However, the Statistical Center of Iran has put the inflation rate for the same period at 6.9 percent, a 0.1 percent more compared to the figure of the center from last month.

So there is a 2.6 percent difference between the figures unveiled by the two Iranian official entities.

The country's point-to-point inflation in the mentioned month was 12.6 percent, which is 0.7 percent more than the previous month, according to the CBI.

The point-to-point inflation rate statistics testifies to 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 265.6 units in the first month of the current fiscal year, which is 1.1 percent more than in the preceding month.

The figure shows an annual growth of 12.6 percent.

The index for foods and drinks shows an increase by 2.9 percent compared to the preceding month and a growth rate of 19.9 percent when compared to the same time of 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.

Last year, the CBI announced that inflation has reached a one-digit figure, for the first time in a quarter century.