Iran’s annual inflation rate up 1% in August: SCI
Figures by the government-run Statistical Center of Iran (SCI) shows the annual inflation rate in the country rose slightly in August.
SCI figures published on Tuesday showed that the consumer price index in Iran rose 41.5% year on year in the calendar month to August 22.
CPIs reported for urban and rural households in Iran rose to 40.9% and 44.4%, respectively.
The SCI said that rising prices of bread, spices and additives had contributed to increasing food inflation in Iran in August. It added that prices of medicine, home rent and restaurant and hotel services were main contributors to the rise non-food inflation in the country over the same period.
Iran’s annual inflation rate had risen 1.1% in late July. That came following months of a downward trend in the rate from peaks of over 45% reported last year.
Iran has struggled to contain surging consumer prices in recent years as the country has been grappling with the economic impacts of American sanctions and the spread of the coronavirus pandemic.
Experts say the fact that Iran has a high but controlled inflation rate shows that the country has largely recovered from the economic shocks of the US sanctions that have targeted its crude oil exports since 2018.
SCI’s Tuesday figures showed that month-on-month inflation rate in Iran had dropped by 2.6% to 2% in the calendar month to late August.
They showed that inflation measured on a point-to-point basis had increased by 52.2% in August compared to the same month last year.
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