Iran’s inflation rate increases

Business Materials 24 July 2018 11:09 (UTC +04:00)

Baku, Azerbaijan, July 24


The inflation rate in Iran’s urban areas for a 12-month period ending in the fourth Iranian calendar month (ended on July 22) stood at 8.8 percent, 0.6 percent more compared to the preceding month.

The point-to-point inflation for the country's urban areas in the mentioned month was 14 percent, 3.8 percent more compared to the previous month, the Statistics Center of Iran said July 24.

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 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 121.5 units in the 4th month of the current fiscal year, which is 4.6 percent more than in the preceding month.

The figure shows an annual growth of 14 percent.

The index for foods and drinks stood at 127.8, showing a rise by 2.7 percent compared to the preceding month and a growth rate of 15.2 percent when compared to the same time last year.

The index for clothes, health care, and electricity and fuel respectively stood at 117.8, 119.4 and 119.3, which indicates an annual growth of 12.3 percent for clothes, 13.2 percent for electricity and fuel and 13.5 percent for healthcare.

Tobacco registered the highest annual growth among the index subgroups (58.3), followed by entertainment and culture(19.2 percent).

The index for entertainment and culture was 126.4, meanwhile it was 165.5 for tobacco.

The index for telecommunication sector registered a yearly growth of 9.1 percent (the lowest increase) and stood at 111.6.

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.