Iran’s annual inflation down 0.6% to 48.5% in June
Figures by the Statistical Center of Iran (CBI) show that the annual inflation rate in the country dropped slightly in June.
The figures published on Saturday showed that the consumer price index (CPI) in Iran had reached 189.3 in the calendar month to June 21, up 48.5% from the year to late June 2022.
The annual inflation rate is a fall of 0.6% from the same figure reported by the SCI in late May.
The data showed that Iran’s CPI had increased by 2% in June compared to May and by 42.6% from June 2022.
Headline inflation rate in Iran had climbed to 49.1% in the calendar month to late May, just shy of an all-time record.
The drop in June could be a respite for government of President Ebrahim Raeisi as it is struggling to keep inflation at controlled levels.
Economists say high levels of inflation in Iran are partly tied to government’s policies to reduce the country's reliance on oil revenues. However, some experts believe the policy could also entail long-term positive implications on the Iranian economy.
The policy has been a response to sanctions imposed by the US on Iran’s oil exports since 2018.
Iranian authorities say the global inflation in prices of food and grain has also been to blame for the rise in Iranian consumer prices in recent months.
The SCI uses fixed prices reported in 2021 as the baseline for its calculation of inflation rate in Iran. Figures reported by the Central Bank of Iran, which are based on prices reported in 2016, have also pointed to declining trend in Iran’s inflation rate in June.
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