Economy, Domestic Economy

Urban Inflation at 8.7%

Urban Inflation at 8.7%Urban Inflation at 8.7%

The goods and services Consumer Price Index for urban areas increased 8.7% in the 12-month period ending August 21, which marks the end of the Iranian month of Mordad, compared with last year’s corresponding period, according to the Statistical Center of Iran’s latest report. The SCI put the preceding month’s inflation at 9%. The overall consumer price index (using 2011 as the base year) stood at 231 in Mordad, indicating a 1.4% increase compared to the previous month and a year-on-year increase of 7.4% compared with last year’s similar month. Reducing inflation has been a primary goal of the government of President Hassan Rouhani whose efforts are gradually paying off. Inflation fell below 10% for the rolling year ending June 20 for the first time in a quarter century. The last time was in 1990, when Iran was emerging from the carnage of the 1980-88 Iraq-imposed war.