Domestic Economy
0

'Hotels & Restaurants' Registers Lowest Monthly Inflation

'Hotels & Restaurants' Registers Lowest Monthly Inflation'Hotels & Restaurants' Registers Lowest Monthly Inflation

The Consumer Price Index of "hotels and restaurants" stood at 236 in the seventh Iranian calendar month (Sept. 22-Oct. 21), indicating a 4% growth compared with the month before – the lowest among 12 groups of the basket of consumer goods and services purchased by households.
The index, with a coefficient of 1.44%, registered a year-on-year increase of 27.5%.
The average goods and services CPI of the group in the 12-month period ending Oct. 21, increased by 25.3% compared with last year’s corresponding period. 
The 12 groups of the basket of consumer goods and services purchased by households surveyed by SCI include "food & beverages" with a coefficient of 26.64%, "tobacco" with a coefficient of 0.59%, "clothing and shoes" with a coefficient of 4.78%, "housing, water, electricity, natural gas and other fuels" with a coefficient of 35.5% (highest), "furniture, home appliances and their maintenance" with a coefficient of 3.93%, "health and treatment" with a coefficient of 7.14%, "transportation" with a coefficient of 9.41%, "communications" with a coefficient of 2.87%, "leisure and culture" with a coefficient of 1.65%, "education" with a coefficient of 1.86%, "hotels and restaurants" with a coefficient of 1.44% and "miscellaneous items and services" with a coefficient of 4.18%.
Some 30% of Iranian hotels have closed down since the outbreak of the coronavirus pandemic and the ones remaining open have placed special discounts of up to 70% on their services, according to the head of Iran’s Hotel Owners Society.
“The industry has suffered a total of 85 trillion rials [$300 million] in losses due to the pandemic and the drastic decline in domestic and international tourism,” Jamshid Hamzehzadeh was quoted as saying by the news portal of Iran Chamber of Commerce, Industries, Mines and Agriculture.
The official said around two-thirds of jobs have been lost in the country’s hotel industry since the Covid-19 outbreak.
Prior to the outbreak, 240,000 people were directly and 550,000 indirectly employed in the Iranian tourism industry.
The outbreak of coronavirus has inflicted losses worth 120 trillion rials ($410 million) on tourism industry in Iran to date, Minister of Cultural Heritage, Tourism and Handicrafts Ali Asghar Mounesan said in September.
“Only 1.75 trillion rials [$6 million] of the sum have been compensated in the form of loans to economic players of tourism industry. Insurance premium and loan repayment breaks were among emergency measures introduced to reduce economic impacts of Covid-19 recession on tourism,” he said.
According to Mounesan, only 74 foreign tourists visited Iran during the first quarter of the current Iranian year (March 20-June 20) compared with 2.3 million in the same period of last year. 
“A total of 8.7 million foreigners travelled to Iran in the last Iranian year [March 2019-20],” he said. 

Add new comment

Read our comment policy before posting your viewpoints

Financialtribune.com