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Iran’s annual inflation rate rises 1.1% to 40.5% in July: SCI

SCI figures show Iran’s annual inflation rate rose by 1.1% to 40.5% in the calendar month to July 22.

Figures by Iran’s Statistical Center (SCI) show the 12-month inflation rate in the country rose by 1.1% to 40.5% in the calendar month to July 22.

The figures published on Saturday showed that the rise had been mainly driven by food prices, non-alcoholic beverages and services like healthcare and hospitality.

The consumer price index (CPI) rose by 1.1% in urban regions to 40% and by 1.4% for households living in the countryside to 43.2%, showed the statistics.

The figures showed, however, that there was a major decrease in the month-on-month inflation rate as the monthly CPI was down by 7.6% against June to stand at 4.6%.

That comes after consumer prices rocketed to all-time highs in June after the government introduced economic reform policies and removed subsidies given to the staple food and some other goods.

The official IRNA news agency said in an analysis that the decrease in monthly inflation meant that shocks caused by food price hikes in June were over despite claims by government critics that removing subsidies would lead to persistent inflation in Iran.  

SCI’s Saturday figures showed that CPI calculated on a point-to-point basis, which compares prices with the same month last year, had increased to record levels.

The data showed that point-to-point inflation rate had risen by 54% against July 2021, down 1.5% from the same figure reported in June.

Iran has seen high but controlled levels of inflation in recent years mainly because of economic shocks caused by US sanctions on its oil exports and also because of business closures ordered by the government to contain the coronavirus pandemic.

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