Iran’s inflation rate declines by 0.6 percent
Date
12/26/2024 3:03:36 AM
(MENAFN) The Statistical Center of Iran (SCI) reported that the average inflation rate for the twelve-month period ending December 20, marking the end of the ninth Iranian calendar month Azar, stands at 32.5 percent. This represents a slight decrease of 0.6 percent compared to the inflation rate for the twelve-month period ending the eighth month of the year.
The center also reported a point-to-point inflation rate of 31.4 percent for the ninth month, indicating that, on average, families have paid 31.4 percent more for the same goods and services compared to the same month in the previous year.
The point-to-point inflation rate rose by 1.1 percent in the ninth month compared to the previous month. In a separate report, the SCI revealed that Iran’s economy grew by 5.7 percent during the past Iranian calendar year, ending on March 19, marking the highest growth rate since 2017. The SCI's latest data on Iran's GDP growth for the year ending in March 2024 shows a 5.7 percent increase at constant 2017 prices, with a 3.4 percent growth when excluding oil.
Sector-wise, the industrial and mining sector grew by 6.9 percent, services by 5.7 percent, and agriculture by 2.2 percent compared to the previous year. The International Monetary Fund (IMF) has projected that Iran’s inflation rate will decrease to 31.7 percent in 2024, down from 40.7 percent in 2023. The IMF also revised its forecast for Iran's GDP growth in 2024 to 3.7 percent, up from a previous estimate of 3.3 percent, and expects Iran’s current account balance to reach 2.9 percent of its GDP this year, a slight increase from 2.8 percent in 2023.
MENAFN26122024000045015839ID1109030882
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.