Inflation rate drops to 7.5% in Iran

Tehran Times- Iran’s inflation rate for the 12-month period ended in the last day of the eight Iranian calendar month of Aban (November 20) hit 7.5 percent, the Statistical Center of Iran reported.

The figure shows a 0.4 percent drop compared to the 12-month period ended in the seventh calendar month (October 21).

Meanwhile, the center put the point-to-point inflation rate at 6.1 percent in Aban, showing 0.5 percent fall from its previous month.

The Central Bank of Iran (CBI) has announced that the inflation rate in the past Iranian calendar year, which ended on March 19, 2016, stood at 11.9 percent.

On June 14, Finance and Economic Affairs Minister Ali Tayyebnia said the country planned to reduce the inflation rate to a single digit by the coming two months.

The goal was achieved in the third Iranian calendar month of Khordad (ended on June 20) when the inflation rate hit 9.5 percent.

Curbing inflation was one of the major promises by Iranian President Hassan Rouhani during his presidential campaign. Under the previous administration, inflation skyrocketed to cross 44%.