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Inflation decreases in Iran

28 August 2015 [15:54] - TODAY.AZ

/By AzerNews/

By Sara Rajabova

The Iranian economy has seen a decrease in the inflation rate compared with previous years, according to official figures.

The Central Bank of Iran announced that the inflation rate in urban areas for a 12-month periodending August 22, which marks the end of the fifth month of the Iranian year Mordad, hit 15.4 percent.

The inflation rate fell 0.2 percent compared with the previous month’s corresponding period, when the figure stood at 15.6 percent.

However, the Statistical Center of Iran has put the inflation rate for the 12-month period at 13.8 percent, 0.3 percent less than the previous month, the Iranian media reported.

The country's point-to-point inflation in that month was 12.6 percent, the CBI said on August 26.

Point-to-point inflation rate statistics identify rates 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 Iranian government has been long struggling to revitalize an economy battered by international sanctions and mismanagement.

One of the government’s economic priorities is to decrease the high-rate of inflation that rose to about 40 percent in previous years.

Earlier, Iranian President Hassan Rouhani highlighted his government’s achievements in bringing down inflation from those highs.

He asserted that by the end of his administration’s term in office, the inflation rate in the country will be down to a single-digit figure.

Iran's inflation rate decreased from above 35 percent in 2013 to below 15 percent currently.

Experts consider that Iran should aim for an annual inflation rate between 2 and 3 percent.

Kamran Dadkhah, a professor of economics at U.S. Northeastern University said in early August that this is a practical and attainable goal, noting that the policy instrument for achieving this is the control of money supply.

The CBI also said the consumer price index in Iran’s urban areas stood at 224.4 units in the fifth month of the current fiscal year, which is 0.1 percent less than its preceding month.

Meanwhile, the Statistical Center of Iran put the figure at 215, which comes with a growth of 0.5 percent compared to the preceding month.

The index for food and drinks shows a fall of 2.7 percent compared to the preceding month and a growth of 12 percent when compared to the same period 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 Iranian fiscal year 1395 (to end on March 20, 2017).

URL: http://www.today.az/news/regions/143271.html

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