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Iran’s inflation rate drops 1% to 42.2% in month to late January: SCI

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 statistics agency says CPI dropped by one percentage point to stand at 42.2% in late January.

The Iranian government has reported a further slight decline in the country’s annual inflation rate in the calendar month to late January.

Figures by the Statistical Center of Iran (SCI) published on Saturday put the consumer price index at 42.4% for the calendar month to January 20, down 1% from the figure reported on December 21.

January CPI rose by 41.8% for households in urban regions and by 45.8% for families living in the countryside, showed the figures.

However, Iran’s monthly CPI rose 0.7% against December to reach 2.4% in late January, said the statistics agency, adding that food, beverage and tobacco prices had increased 1.7% month-on-month while services and non-food prices had risen 2.7% against the previous month.

CPI calculated on a point-to-point scale, a measure used by the SCI for more than a decade, rose 0.7% to 35.9% in the month to January 20 against the similar period in 2020, said the statistics agency.

An Iranian administrative government that took office in early August has boasted of its ability to tame inflation by introducing tighter fiscal and monetary policies while relying more on home-grown capacities of the Iranian economy through encouraging more manufacturing and non-oil export activities in the country.

The annual inflation rate reported by the SCI in late August was around 45.2%, up one percentage point against the month to late July.

The Iranian government has promised inflation rate will drop further in the near future as the economy finds new ways of coping with the American sanctions and the economic impacts of the coronavirus pandemic.

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