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Iran’s annual inflation down 1% to 47.1% in July: SCI

Iran’s statistics agency figures show headline inflation rate was 47.1% in the year to late July.

Figures by the Statistical Center of Iran (SCI) show inflation rate in the country reached 47.1% in the year to late July, down 1% from the same figure reported for the year to late June.

SCI figures published on Tuesday showed that the annual consumer prices index (CPI) in Iran had reached 193 units in the calendar month to July 22.

The figures showed that monthly inflation in Iran had dropped to 1.95% in July, the lowest in the past 16 months.

The SCI said its point-to-point inflation rate, which measures prices in July compared to July 2022, had reached 39.5%, the lowest in 14 months.

Iran has seen high by controlled levels of inflation since early 2019 when the country started to feel the impacts of US sanctions on its oil exports.

That comes as inflation has remained high in recent years despite fiscal and monetary measures adopted by the Iranian government with experts blaming it on a rise in the global inflation which they say is the result of the coronavirus and on the war in Ukraine.

Iran had recorded a multi-decade annual inflation record of 49.1% in May. The headline inflation rate fell to 48.5% in June, according to the SCI figures.

Inflation reports issued by the Central Bank of Iran (CBI) have also pointed to a declining trend in consumer prices in Iran in recent months.

That comes as the SCI and the CBI use different baseline years for their calculation of price changes in Iran.

The SCI changed its baseline year to 2021 in April this year while CBI’s calculations are still based on fixed prices reported in the country in 2016.

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