Inflation rate falls to 12.6%

Tehran, Dec 24, IRNA – The Statistical Center of Iran has announced that the inflation rate for the 12-month period ended in the last day of the ninth Iranian calendar month of Azar (December 21) compared to the same period in the previous year hit 12.6 percent.

The inflation rate for the 12-month period ended in the last day of the Iranian calendar month of Aban (November 21) was 13.1 percent, the Mehr News Agency reported on Wednesday.
Meanwhile, the center put the point-to-point inflation rate at 9.9 percent in the ninth month, compared to 10.8 percent in the eight month.

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%.

The Central Bank of Iran (CBI) aims to lower inflation to single digits by 2017 and spur economic expansion as a landmark nuclear deal with world powers rolls back global sanctions, Bloomberg reported on July 14 quoting Peyman Qorbani, the vice governor for economic affairs at the CBI.

On October 17, Iran unveiled a new economic stimulus plan to promote the economic growth and curb the inflation rate in the country.

The stimulus plan will remain in effect for a time span of six months after coming into effect.

By IRNA