Inflation rate falls to 11.8% in Iran

February 22, 2016 - 0:0

TEHRAN- The Statistical Center of Iran has announced that the inflation rate for the 12-month period ended in the last day of the eleventh Iranian calendar month of Bahman(February 19) compared to the same period in the previous year hit 11.8 percent.   

The inflation rate for the 12-month period ended in the last day of the tenth Iranian calendar month of Dey (January 20) was 12.2 percent, the Mehr News Agency reported on Sunday.  

Meanwhile, the center put the point-to-point inflation rate at 8.9 percent in the eleventh month, compared to 9.4 percent in the tenth month.   

On February 20, Iranian Finance and Economic Affairs Minister Ali Tayyebnia pointed to achieving economic prosperity as a main objective of the Iranian government, saying that curbing the inflation rate is the main factor to achieve the goal of economic growth. 

The minister said that the country’s budget plan for the next Iranian calendar year (which will start on March 20) has envisaged an inflation rate of 11.3 percent. 

Curbing inflation was one of the major promises by Iranian President Hassan Rouhani during his presidential campaign. Under the previous administration, inflation skyrocketed to cross 44%. 

The Central Bank of Iran aims to lower inflation to single digits by 2017.   

In October 2015, Iran unveiled a new economic stimulus plan to promote the economic growth and curb the inflation rate in the country. The stimulus plan will remain in effect for a time span of six months after coming into effect.