Iran’s annual inflation rate drops 0.8% in August

Figures by the Iranian government’s statistics agency the SCI show the headline inflation rate in the country fell slightly in the calendar month to August 22.

SCI figures cited in a Saturday report by the Tasnim news agency showed that Iran’s consumer prices index (CPI) had reached 197.7 in late August, an increase of 46.7% compared to prices reported in the year to late August 2022.

The headline inflation rate was down 0.8% from the same rate reported in the month to late July, the figures showed.

Month-on-month inflation was up 2.4% while the CPI had increased by 39.8% in August compared to August last year, said the Statistical Center of Iran.

The figures come amid some promising signs about the Iranian economy as the country is intensifies efforts to contain high levels of inflation caused by foreign sanctions and issues existing in the global economy because of the war in Ukraine.

Experts believe high inflation in Iran is also a by-product of the country’s economic policies to reduce its reliance on oil revenues.

They say some prices have spiraled because of a government decision last year to remove subsidies given to imports of basic goods.

Headline inflation rate in Iran had climbed to 49.1% in the calendar month to late May, just shy of an all-time record reported some three decades ago.

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