Iran’s inflation rate falls by 0.5 percent

(MENAFN) The Statistical Center of Iran (SCI) reported that the country’s average inflation rate for the twelve months ending November 21, corresponding to the end of the Iranian calendar month Aban, was 33.1 percent. This marks a 0.5 percent decrease compared to the twelve months ending in the seventh calendar month. Meanwhile, the point-to-point inflation rate for Aban was recorded at 32.5 percent, indicating that households spent, on average, 32.5 percent more on goods and services during this month compared to the same period last year. Notably, this figure represents a 0.9 percent increase from the point-to-point inflation rate of the previous month.

Earlier this year, the SCI highlighted notable economic growth in Iran, reporting a 5.7 percent expansion in the past Iranian calendar year ending on March 19, the highest growth rate since 2017. The gross domestic product (GDP) at constant 2017 prices grew by 5.7 percent, while the GDP excluding oil registered a 3.4 percent increase. Among the major sectors, the industries and mines group experienced a 6.9 percent growth, the services sector expanded by 5.7 percent, and the agriculture sector grew by 2.2 percent compared to the preceding year.

In its most recent World Economic Outlook, the International Monetary Fund (IMF) projected Iran’s inflation rate to decrease to 31.7 percent in 2024, down from 40.7 percent the previous year. This decline is attributed to improved economic conditions and efforts to stabilize the country’s financial landscape. The IMF also revised its forecast for Iran's GDP growth in 2024, raising the estimate to 3.7 percent, up from its earlier prediction of 3.3 percent made in July, suggesting continued economic momentum despite existing challenges.

Additionally, the IMF provided insights into Iran's current account balance, which is projected to reach 2.9 percent of GDP in 2024, a slight improvement from 2.8 percent in the previous year. These indicators reflect cautious optimism for Iran’s economic performance, supported by gradual improvements in key sectors and international assessments of sustained growth potential.

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