Economy, Domestic Economy

Inflation Falls to 14.1%

Inflation Falls  to 14.1%Inflation Falls  to 14.1%

The Statistical Center of Iran has recorded 14.1% growth in the goods and services Consumer Price Index for urban areas in the 12-month period ending July 21, which marks the end of the fourth month of the Iranian year Tir, compared to the same period of last year. The figure shows a slight decline compared to a month earlier when an inflation rate of 14.2% was recorded, Mehr News Agency reported. Year-on-year increase of 12.8% was recorded in price index compared with the similar month of the previous year – down from the preceding month when 14.2% changes were recorded. Since taking office in 2013, the administration of President Hassan Rouhani has slowly but steadily curbed inflation. Inflation stood at 24.2% in the similar month last year. Under the previous government, price gains accelerated to more than 40%.  The Central Bank of Iran is targeting single-digit inflation by March 2017. The last time Iran’s inflation rate dipped below 10% was in 1990, according to data on CBI’s website.