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Iran inflation rate drops slightly to 45.4% in October

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)
Iran’s consumer prices rose 45.4% year on year in the calendar month to late October.

Data by the Statistical Center of Iran (SCI) show that the annual inflation rate in the country fell slightly in the calendar month to October 22 to 45.4%.

SCI figures published on Saturday showed that consumer prices had dropped by 0.4% against the annual rate announced for the month to late September.

Iran continues to face high but controlled levels of inflation as the country is still struggling with the economic impacts of a large coronavirus outbreak as well as the pressure of sanctions imposed by the United States.

A new administrative government that came to office in early August has vowed it would control the prices through reduced borrowing from Iran’s central bank while trying to rely more on revenues derived from domestic manufacturing and non-crude exports.

Experts believe a revival of Iran’s 2015 nuclear deal with world powers could ease pressures on Iran and beef up the country’s national currency rial.

SCI figures showed that Iranian consumers had faced a monthly inflation rate of 3.7% in the month to late October, down 0.2% against the previous month.

The annual point-to-point inflation rate also stood at 39.2% for the similar month, a decline of 4.5% on the month to late September, said the SCI.

The figures come as exonomic analysts believe consumer prices could again increase in Iran in November as markets would start to react to a fresh devaluation reported for the rial.

The rial was trading at around 250,000 against the US dollar in mid-summer when the government led by President Ebrahim Raeisi was sworn in.

The Iranian currency closed at 275,000 against the greenback on Saturday, down 1.85% against the close of trade on last day of the working week on Thursday.

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