Central Bank of Iran says country's inflation rate 15.6%

Politics Materials 27 July 2015 11:21 (UTC +04:00)

Baku, Azerbaijan, July 27

By Umid Niayesh - Trend:

The Central Bank of Iran (CBI) announced that the inflation rate in the urban area for the 12-month period to the fourth Iranian calendar month of Tir (ended on July 21) hit 15.6 percent, hasn't changed compared to preceding month.

However, the Statistical Center of Iran has put the inflation rate for the 12-month period to Tir 14.1 percent, 0.1 percent less than the previous month.

The country's point-to-point inflation in the mentioned month was 14.2 percent, the CBI reported July 27.

The point-to-point inflation rate statistics identify 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 the consumer price index (CPI) in Iran's urban areas stood at 224.7 units in the fourth month of the current fiscal year, which is 0.4 percent less than its preceding month.

Meanwhile the Statistical Center of Iran put the figure at 213.19 which comes with a growth of 1.2 percent compared to the preceding month.

The index for foods and drinks shows a fall by 2.6 percent compared to the preceding month and a growth of 16 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.

Rouhani has promised to decrease the inflation rate to five percent in the Iranian fiscal year of 1395 (to end on March 20, 2017).