(MENAFN) According to a report from an Iranian news agency, Iran's point-to-point Producer Price Index (PPI), a key indicator of wholesale inflation, experienced a notable decline of 16.5 percent. This decrease occurred from March 2023, where the index stood at 40.7, to late March 2024, where it reached 24.5. Similarly, the Consumer Price Index (CPI), reflecting consumer inflation based on consumer spending patterns, saw a decrease of 4.8 percent during the same period, dropping from 37.3 in March 2023 to 32.6 in March 2024.
In February, the Statistical Center of Iran (SCI) reported the average inflation rate for the twelve-month period ending on January 20, marking the conclusion of the 10th Iranian calendar month, Dey, at 42.5 percent. This figure represented a 1.1 percent decrease compared to the corresponding period in the previous year.
For the 10th Iranian calendar month, the point-to-point inflation rate was recorded at 35.8 percent, indicating that families paid approximately 35.8 percent more for the same basket of goods and services compared to the same month in the previous year.
Looking back at previous years, the Statistical Center of Iran disclosed that the average inflation rate for the twelve-month period ending on March 20, 2023, stood at 45.8 percent. This was preceded by an inflation rate of 40.2 percent for the twelve-month period ending on March 20, 2022, and 36.4 percent for the Iranian calendar year 1399.
In a mid-July 2023 economic outlook report, the International Monetary Fund (IMF) projected a decline in Iran's inflation rate from 49 percent in 2022 to 30 percent in 2024. This forecast suggests a potential moderation in inflationary pressures in the coming years.
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