Economy, Domestic Economy

CBI, SCI Release Inflation Data

 CBI, SCI Release Inflation Data CBI, SCI Release Inflation Data

The inflation rate for the 12 months ending on November 21 (Aban) reached 18.2 percent, down from 19.4 a month earlier, the Central Bank of Iran announced on Wednesday.

The CBI's report has not announced the year on year inflation.

Also the Statistical Center of Iran, a parallel organization with the central bank, released its own report on the inflation rate. According to the report, inflation fell to 17.8 percent in the period from 19.1 in the month prior.

The year on year inflation in Aban fell one percentage point to 13.2 percent compared to the month ending October 22, the SCI report said.

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.

Iran has experienced high inflation in recent years, owing both to the government’s macroeconomic policy – including the execution of the first and second phases of the controversial subsidy reform plan and expansionary funding of housing projects – and the impact of western sanctions, which intensified in 2010 following a dispute over Tehran’s nuclear energy program.

The Rouhani administration in the past year managed to more than halve the inflation rate, which increased to as much as 40 percent one year back.

With the foreign and economic policies the administration has adopted in the past year, the Iranian economy experienced a growth rate of 4.6 percent in spring after 8 consecutive quarters of negative growth.

Economists, however, believe the falling trend of the inflation rate could come to a halt later this year, ending March 20, 2015, or at least be slowed. But they believe the economy will grow further in the coming year.