TEHRAN -- The Central Bank of Iran on Monday reported that the inflation rate for the Iranian calendar year 1389 (ended March 20) hit 12.4 percent, IRNA reported.

The inflation rate for the 12-month period ended February 19 had been announced 11.6 percent, rising 0.8 percent compared to the 12-month period ended January 20.
Reuters quoted the head of the Central Bank of Iran, Mahmoud Bahmani, as saying in January that the country aimed to bring inflation down to 4 percent.
The government began slashing $20 billion of subsidies from December 19 despite warnings by economists and critics who noted it could lead to huge rises in prices of goods which were heavily subsidized, including gasoline, electricity and natural gas