403
Sorry!!
Error! We're sorry, but the page you were
looking for doesn't exist.
Iran’s inflation rate drops by 0.6 percent in 1 year
(MENAFN) The Statistical Center of Iran (SCI) reported that the average inflation rate for the twelve-month period ending on October 21, coinciding with the conclusion of the seventh month of the Iranian calendar, stands at 33.6 percent. This figure marks a decrease of 0.6 percent compared to the inflation rate for the twelve-month period ending in the sixth month. The SCI’s findings indicate a slight easing in inflationary pressures, which could be a sign of improving economic conditions.
In terms of point-to-point inflation, the SCI reported a rate of 31.6 percent for the seventh month. This figure illustrates that families are facing an average increase of 31.6 percent in the cost of a typical basket of goods and services compared to the same month in the previous year. Additionally, this point-to-point inflation rate experienced a modest rise of 0.4 percent from the previous month, suggesting that while inflation is still a concern, it is not escalating rapidly.
Earlier in June, the SCI had announced that Iran’s economy achieved a notable growth rate of 5.7 percent during the past Iranian calendar year, which ended on March 19. This represents the highest level of economic growth the country has experienced since 2017, highlighting a significant rebound in economic activity. The SCI's latest report indicates that the growth of gross domestic product (GDP) for the year ending in March 2024, when measured at constant 2017 prices, is projected at 5.7 percent overall and 3.4 percent when excluding oil contributions.
The report also provides insights into the performance of various economic sectors. The industrial and mining sectors experienced robust growth of 6.9 percent, while the services sector followed closely with a growth rate of 5.7 percent. The agricultural sector, while growing at a slower pace, still showed a positive increase of 2.2 percent compared to the previous year. These figures collectively reflect a diverse and strengthening economy, although inflation remains a critical issue for households across Iran.
In terms of point-to-point inflation, the SCI reported a rate of 31.6 percent for the seventh month. This figure illustrates that families are facing an average increase of 31.6 percent in the cost of a typical basket of goods and services compared to the same month in the previous year. Additionally, this point-to-point inflation rate experienced a modest rise of 0.4 percent from the previous month, suggesting that while inflation is still a concern, it is not escalating rapidly.
Earlier in June, the SCI had announced that Iran’s economy achieved a notable growth rate of 5.7 percent during the past Iranian calendar year, which ended on March 19. This represents the highest level of economic growth the country has experienced since 2017, highlighting a significant rebound in economic activity. The SCI's latest report indicates that the growth of gross domestic product (GDP) for the year ending in March 2024, when measured at constant 2017 prices, is projected at 5.7 percent overall and 3.4 percent when excluding oil contributions.
The report also provides insights into the performance of various economic sectors. The industrial and mining sectors experienced robust growth of 6.9 percent, while the services sector followed closely with a growth rate of 5.7 percent. The agricultural sector, while growing at a slower pace, still showed a positive increase of 2.2 percent compared to the previous year. These figures collectively reflect a diverse and strengthening economy, although inflation remains a critical issue for households across Iran.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Most popular stories
More Story
Comments
No comment