27 September 2020 - 11:57

SCI: Iran inflation rate rises 0.2% y/y in September

Iran’s annual inflation rate has been largely stable in September despite lower spending by the households amid the spread of the coronavirus pandemic.
News ID : 118209

According to Ibena, The Statistical Center of Iran (SCI) said the country’s Consumer Price Index (CPI) had risen by 0.2 percentage point to reach 26 percent year-on-year in the calendar month ending September 21.

It said showed inflation rate for urban households had increased to 26.1 percent while rural households had seen the annual rate unchanged halfway through the Persian calendar year.

Monthly inflation in the Iranian cities was also up 0.1 percent at 3.6 while the increase for rural population was higher at 0.3 percent to reach 3.6 percent, said the report.

The CPI calculated on a point-to-point basis, a methodology routinely used by the SCI, showed the inflation rate had topped 34.4 percent, meaning households had paid around a third more for consumer items in month to late September compared to the similar month in 2019.

The slight increase in annual inflation in Iran comes despite a sluggish consumption amid the coronavirus outbreak. Households continue to spend less some seven months after the outbreak began in late February.

That comes as the government has eased restrictions on economic activity to help businesses recover from months of closures.

Inflation deteriorated in Iran following a US decision in 2018 to withdraw from a major international nuclear agreement which led to re-imposition of Washington’s secondary sanctions on businesses and entities dealing with Iran.

That comes as the spread of the coronavirus and lower international oil prices have hampered government efforts to shore up the economy.

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