Central Bank of Iran

Annual inflation rate stands at 11.9% in Iran

TEHRAN- The Central Bank of Iran (CBI) has announced that the inflation rate in the past Iranian calendar year of 1394, which ended on March 19, 2016, compared to its previous year stood at 11.9 percent, according to the Mehr news agency. 

On February 20, Iranian Finance and Economic Affairs Minister Ali Tayyebnia said that the country’s budget plan for the Iranian calendar year of 1395(which began on March 20) has envisaged an inflation rate of 11.3 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%.

The CBI aims to lower inflation to single digits by 2017.

In October 2015, 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 Tehran Times