Iran’s central bank: two-digit inflation rate remains
Baku, Azerbaijan, Jan. 29
By Fatih Karimov – Trend:
Inflation rate in Iran’s urban areas for the 12-month period to the tenth Iranian calendar month of Day (ended on Jan. 21) hit 10 percent, making no change compared to the preceding month, the Central Bank of Iran (CBI) said Jan. 25.
Meanwhile, the Statistical Center of Iran in its latest report put the inflation rate for the same period at 8.1 percent, 0.3 percent more compared to its figure for last month.
So, there is a 1.9 percent difference between the figures unveiled by the two official Iranian entities.
The announced inflation rate between the two organizations has been different in recent months and the Statistical Center's inflation rate has been lower than that of the Central Bank.
The Central Bank also said that setting the Iranian fiscal year 1395 (March 21, 2016 to March 20, 2017) as the main one, that is 1395=100, the consumer price index (CPI) in Iran’s urban areas stood at 112.4 units in the tenth month of the current fiscal year, which is 0.4 percent more than in the preceding month.
The figure shows an annual growth of 9.7 percent.
The index for foods and drinks shows an increase by 0.4 percent compared to the preceding month and a growth rate of 13.7 percent compared to the same time of last year, according to the CBI.
The index for tobacco registered a rise by 0.2 percent compared to the preceding month and a growth rate of 1.1 percent when compared to the same time last year.
The index for clothes and health care increased by 4.9 and 8.5 percent year-on-year, meanwhile the index for housing, electricity and fuels witnessed an 8.8 percent increase.
The education sector registered the highest annual growth among the index subgroups(14.1 percent).
The annual increase for ICT, transportation and service sectors stood at 0.8, 6.4 and 9.6 percent, respectively.
The Iranian Parliament Research Center has forecasted that Iran’ inflation rate in next fiscal year(to start March 20, 2018) will become 11.5 percent.
The center also estimated that the inflation rate for the current fiscal year (started March 2017) will be 10.5 percent.
According to the research center, the inflation is estimated to hit 14.3 percent in next fiscal year, if the government increases energy carrier prices.
The inflation rate in Iran in 2005 was about 10.4 percent, but it climbed above 37 percent, before President Hassan Rouhani came to power in mid-2013. Nonetheless, for the first time over the past 26 years, that figure declined into a single-digit row, bottoming out at 8.6 percent in June 2016.