18 July 2017 - 16:10

Iran Central Bank Updates Inflation Base Year

The Economic Affairs Deputy of Iran’s Central Bank says the country’s inflation base year has been updated, elevated from 2011 to 2016.
News ID : 72503

According to Peyman Ghorbani, as of August 2017 the new inflation rates will be measured and announced based on 2016 figures and that the July 2017 rate was the last figure to have been calculated on the base year 2011.

On the methodology, Ghorbani said changes in family consumption tastes, family income rates, and relative rises in commodity and service prices were among the factors affecting the base year update.

The official noted that the adaptation took place after operational and precise statistical processes including amending urban maps and final corrections, which led to new urban bloc divisions.

“Then sample data was generalized to national levels, based on which the consumption basket for the year 2016 was determined,” Ghorbani explained.

Concluding his remarks, the Central Bank deputy said the finalized list, which served as the criteria, included prices of 386 commodities and services.

Send Comment