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Iran posts 44.2% inflation for month to late June

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
Annual consumer prices in Iran increased by 44.2% in the calendar month to June 22.

The Statistical Center of Iran (SCI) has published its monthly data on consumer prices showing that inflation in the country reached 44.2% in the fourth calendar month this year.

SCI figures published on Saturday showed that consumer price index (CPI) had increased by 1.2% in the month to June 22 against the previous month.

CPI surged by 43.7% for urban households and by 47.3% for families living in the countryside, showed the figures, adding that consumer goods groups of “food, beverage and smoke” and “non-food and services” had accounted for the largest share of the jump in CPI over the studied period.

On annual point-to-point inflation, the SCI analysis showed that consumer prices had soared 63.6% against May-June 2020. That means consumers in Iran had spent 43.6% more on average to buy goods and services in the month to June 22 compared to similar period last year.

The figures on point-to-point inflation showed that the measure had dropped 4% against the month to late May.

Monthly inflation was up 1% against the month to May to reach 3.5%, showed the SCI figures as they indicated that prices had gained 3.6% in the urban context and 3.2% in the countryside.  

Iran has seen high but controlled levels of inflation in recent years as the economy has been battling the impacts of the US sanctions and the coronavirus pandemic.

Consumer prices have soared amid lower imports of foods and medicine into Iran as a result of the sanctions.

That comes as the country has managed to boost domestic output in sectors like agriculture and manufacturing to respond to a growing demand for various goods in the local market.


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