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Iran annual inflation up 1.7% to 45.8% in March: SCI

File photo shows people shopping at Tehran's Grand Bazaar.

Iran’s annual inflation rate rose by 1.7% to 45.8% in the calendar month to March 20, according to figures by the Statistical Center of Iran (SCI).

SCI figures released on Sunday showed that Iran’s consumer prices index (CPI) had increased by 45% for urban households and by 50.6% for families living in rural areas of Iran in the month to late March.

The annual inflation rate of 45.8% reported for March 2023 is the highest reported by the SCI since October 2021 and the second highest since Iran began to feel the impacts of US sanctions on its economy in 2019.

Experts say high but controlled levels of inflation in Iran is a result of economic policies adopted by the Iranian government to reduce the country’s dependence on oil revenues, including a decision in 2022 to dismantle a system of heavy subsidies granted to basic goods imports.

The SCI delayed its publication of monthly inflation figures for March after it decided to change its baseline year of calculating price changes from 2017 to 2021.

The government statistics agency on Sunday published monthly CPI figures related to the calendar month to April 20.

The data showed that highest increases in consumer prices had taken place in the category of fruits and nuts in April with a rise of 15.3% and in the category of transportation costs with a 8.6% increase compared to March.

The figures showed that lowest price rises in April compared to March had been reported in education services with 0.3% and dairies and eggs with 0.3%.

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