Iran experienced an average annual inflation rate of 46.5% in the last fiscal year that ended on March 20, 2023, according to the Central Bank of Iran.
CBI says the Consumer Price Index stood at 794.3 in the 12th month of the year, indicating a 6.6% rise compared to the previous month. The bank did not report the year-on-year inflation in the 12th month.
The bank surveys CPI for 12 groups of goods and services. Notably, the “food and beverages” group’s inflation reached 54.6%.
The inflation rates for “transportation”, “health and medical care”, “clothing and shoes”, “home appliances and services”, “communications”, “entertainment and cultural affairs”, “education”, “restaurant and hotel”, “tobacco”, “housing and utilities (water, electricity, gas and other fuel)” and “miscellaneous goods and services” reached 32.3%, 41.9%, 45.9%, 33.3%, 19.3%, 37.8%, 35.1%, 80%, 28.8%, 48.3% and 38.3% respectively.
“Housing and utilities” with 37.05%, “food and beverages” with 25.51% and “transportation” with 8.9% registered the highest coefficient among the groups surveyed.
Monthly CPI reports are also released by the Statistical Center of Iran. The center’s latest report shows inflation has reached a new high.
The average annualized inflation in the 11th month of last Iranian year (Jan. 21-Feb. 19, 2023) stood at 47.7%, SCI said in its latest report.
Only in the fiscal 1995-96 and 1996-97 did the country experience inflation rates above the current level.
Notably, this is the ninth consecutive month the annualized inflation is rising after the government put into effect what it touted as “economic surgery” by abolishing the heavily subsidized import of essential goods.