Inflation rate drops 0.6% – Tehran Times

TEHRAN – The Statistical Center of Iran (SCI) has put the average inflation rate in the twelve-month period ended on December 20, which marks the end of the ninth Iranian calendar month Azar, at 32.5 percent, falling 0.6 percent from the figure for the twelve-month ended to the eighth month.

The center put the country’s point-to-point inflation rate at 31.4 percent in the ninth month, which means families have paid an average of 31.4 percent more for purchasing the same package of commodities and services in that month, compared to the same month in the preceding year.

The point-to-point inflation rate rose 1.1 percent in the ninth month from the previous month.

In mid-June, the SCI announced that Iran’s economy grew by 5.7 percent in the past Iranian calendar year (ended on March 19), marking the highest growth since 2017.

In its latest report, the SCI said the growth of the gross domestic product (GDP) for the year ending in March 2024 at the constant prices of 2017 is equivalent to 5.7 percent of the total GDP and 3.4 percent of the GDP minus oil.

The field of activities of industries and mines group grew by 6.9 percent, the services group by 5.7 percent, and the agriculture group by 2.2 percent compared to the previous year.

The International Monetary Fund (IMF), in its latest World Economic Outlook, has estimated Iran’s inflation to decline to 31.7 percent in 2024 from 40.7 percent last year.

The IMF forecasted that Iran’s gross domestic product (GDP) will grow by 3.7 percent this year, up from a previous estimate of 3.3 percent announced in July, IRNA reported.

The IMF said that Iran’s current account balance will be 2.9 percent of its GDP this year, slightly up from 2.8 last year.

MA