Iran’s inflation reaches 7.7%

Business Materials 24 August 2017 12:04 (UTC +04:00)

Baku, Azerbaijan, Aug. 24

By Fatih Karimov– Trend:

The Statistics Center of Iran has announced that the inflation rate in urban areas for a 12-month period ending in the fifth Iranian calendar month of Mordad (ended on Aug. 23) stood at 7.7 percent, 0.1 percent more compared to the preceding month.

The country's point-to-point inflation in the mentioned month was 8.1 percent, 0.8 percent less than the previous month, the Statistics Center of Iran said.

Point-to-point inflation is a term frequently used by the Iranian government, denoting the inflation usually over one month.

The Statistics Center of Iran also said that the consumer price index (CPI) in Iran’s urban areas stood at 249.6 units in the fifth month of the current fiscal year, which is 0.6 percent more than its preceding month.

The figure shows an annual growth of 8.1 percent.

The index for foods, drinks and tobacco stood at 304.6, showing a rise by 0.5 percent compared to the preceding month and a growth rate of 11 percent when compared to the same time last year.

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.