New Report: Inflation Rate Falling in Iran

The Statistical Center of Iran (SCI), in a new report, said that the inflation rate is decreasing in the country, adding that it is down by 1.6 percent in the month ending on February 19, 2019.

FARS- The SCI said the consumer price index was down at 37 percent year-on-year in the Persian calendar month of Bahman from 38.6 reported in the month ending on January 20.
It said, however, the rate of price growth compared to the month of Bahman in the previous Iranian year was 25 percent, meaning that households had spent a quarter more on consumer goods and services this year.
The price index in Bahman also declined 1.3 percent on a month-base scale compared to the previous month, it said.
The SCI said yearly price index for households in urban places was down 1.5 percent on 36.5 while rural households were 2.1 percent worse off compared to the previous month at 40.1 percent.
It said that households spent less, around 0.8 percent, on staple food and 1.2 percent less on non-food goods and services in Bahman compared to the previous month.
The updates some amid a renewed surge in prices of foreign currency in Iran.
Many blame the soaring forex prices on tensions with the United States that escalated in early January. Experts say speculative trade in the market has also picked up due to uncertainties surrounding Iran’s position vis-à-vis FATF, a global money laundering watchdog.
The rial further lost its value against major currencies on Thursday with each US dollar sold for 144,000 rials, based on reports from an unofficial market in downtown Tehran and prices seen in currency rate monitoring websites.
Governor of the Central Bank of Iran (CBI) Abdulnasser Hemmati underlined government's full control over the foreign exchange market, and expressed hope that reduction of inflation rate would continue in the next few months.
Price stability is dominating the currency market and consequently other prices have been stabilized as well, "we hope to witness the same inflation reduction trend" that has started in the coming months, Hemmati said.
He added that the foreign exchange market is fully controlled, and noted that gas rationing has no influence on the exchange rate and "we have complete control over this market".
Hemmati stated that Iran is in a good place with regard to forex reserves.

Publish Date: Feb 22, 2020