Iran has reported a further rise in its annual inflation rate in May despite the government’s efforts to control the prices.
Figures released on Monday by the Iranian government’s statistics agency showed that the consumer price index in the country had reached 336.9 in the year to May 21, an increase of 33.9% compared to the year to late May 2024.
The figures by the Statistical Center of Iran (SCI) showed that the country’s annual inflation rate had increased by 0.7% compared to April.
The monthly inflation rate slowed down from 3.9% reported in April to 2.7% in May, the SCI said.
The agency said that inflation measured on a point-to-point scale, which compares the rate in two same months in back-to-back years, had reached 38.7% in May, down 0.2% from the same rate reported in April.
A breakdown of Iran’s monthly inflation figures showed that prices of food, beverages, and smoking products had increased by 1.1% in May, while inflation of non-food products and services had risen by 3.5% over the same period.
The rise in Iran’s inflation comes despite continued efforts by the government to stabilize prices in the market through a series of fiscal and monetary policies.
It also comes amid a 20% fall in foreign currency prices that was caused by a resumption of nuclear talks between Iran and the United States in April.
Experts believe any success in the indirect talks, which are aimed at removing US sanctions from Iran in return for curbs on the country’s nuclear program, would lead to an increase in Tehran’s oil export revenues and would enable the government to have better control over prices.