Consumer prices continued to surge in Iran in the calendar month to August 22 as the country’s statistics office reports an annual inflation rate of 45.2% at the end of fifth calendar month this year.
The Statistical Center of Iran (SCI) said in a Monday report that inflation had increased by 45.2% in year to late August compared to the previous year.
The annual inflation rate rose by 1% against figures reported in late July, said the report, adding that consumer prices had increased by 43.2% in the month to August compared to the same month last year based on a point-to-point calculation.
Inflation in August rose by 3.2% against July, down 0.3% against month on month figures reported last month, said the report.
Annual inflation for rural households reached a peak of 48.7% while families in urban regions saw consumer prices increase by 44.5%, it said.
Iran continues to experience high but controlled levels of inflation as the economy faces the double whammy of the coronavirus pandemic and the American sanctions targeting its energy trade.
Iran’s newly-elected president Ebrahim Raeisi said last week he has concrete economic plans to reduce inflation and help national currency regain much of its lost value.
Raeisi, sworn in earlier this month, will start implementing his economic agenda after the Iranian parliament approves his list of cabinet ministers this week.