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Iran's inflation rate drops to 28.4%, down 2% in month: Official

Source: Tehran Times

Iranian government spokesman Mohammad-Baqer Nobakht has announced that the inflation rate for the 12-month period that ended in the second Iranian calendar month of Ordibehesht (May 21) dropped to 28.4 percent, a 2 percent decline compared to the previous month.

Inflation Indicator
(cartoon by Mohammad Tahani, Arman daily)

Meanwhile, the point-to-point inflation rate hit 17.2 percent, a 0.4 percent drop compared to the last month, the ISNA news agency quoted Nobakht as saying on Wednesday.

The government has no plans to increase prices of consumer goods, he said, adding that the policy of curbing the inflation rate is being pursued.

In March, Iranian Finance and Economic Affairs Minister Ali Tayyebnia said the country's inflation would fall below 15 percent in Iranian calendar year 1393 (March 2014, March 2015).

If we succeed in continuing the current trend [of economic progress], the inflation rate will certainly reach below 15 percent, he added.

In November 2013, Iranian President Hassan Rouhani said his government plans to decrease the inflation rate to below 25 percent by the end of the current Iranian calendar year.

"First, the administration plans to curb the inflation rate and reform the banking system, and then change the method of (cash) subsidy payments," he added.

... Payvand News - 05/30/14 ... --

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