Economy, Domestic Economy

SCI: Inflation 20.6%

SCI: Inflation 20.6%
SCI: Inflation 20.6%

A day after the central bank released an inflation report, Statistical Center of Iran released its own report on the issue.

According to SCI report, inflation rate for the 12 months ending September 22 hit 20.6%, down from 22.3% for the year ending August 22.

In the central bank’s report, however, the figures were 21.1% and 23.2% for the year ending September 22 and the 12 months ending August 22, respectively.

The central bank is officially in charge of releasing figures on economic indicators including inflation, but in recent years the SCI has started releasing the reports based on its own research, which in many cases contradict CBI’s reports.

According to the central bank, inflation hit 34.7% in the last fiscal year (March 21, 2013 – March 20, 2014). The figure announced by the SCI was 32.1%.

Iran has experienced high inflation in recent years, owing to both domestic policy – including a subsidy reform plan, related cash handouts and expansionary funding of housing schemes – and the impact of western sanctions, which intensified in 2010 over Tehran’s nuclear energy program.  

Since last year, the Rouhani administration has focused on taming inflation. Earlier this month, President Hassan Rouhani said his country will witness an inflation rate far below 20 percent at the end of the year. “I announce to the Iranian nation that we have fortunately left behind stagnation,” Rouhani said.