Iran reports slight drop in inflation rate in January
The Iranian government’s statistics agency has reported a slight drop in the country’s annual inflation rate in January.
Figures published by the Statistical Center of Iran (SCI) on Wednesday showed that the consumer price index in the country had reached 293.4 in the year to January 19, an increase of 32% compared to the year to late January 2024.
The SCI had reported annual inflation rates of 32.5% in late December and 33.1% in late November.
SCI’s Wednesday figures showed that inflation had increased by 2.9% on a monthly basis in late January, up from 2% reported in late December.
The data showed that prices of food, beverages, and smoking products in Iran had increased by 3.2% over January, while inflation of non-food products and services had risen by 2.8% over the same period.
Inflation measured on a point-to-point scale, which compares the rate in two same months in back-to-back years, was 31.8% in December, up from the 31.4% reported in late December, the figures showed.
Economic experts believe the downward trend in Iran’s inflation will continue amid better fiscal controls and higher oil exports.
Iran has been grappling with high but controlled levels of inflation since 2020, a year after the US toughened its sanctions on Iranian oil exports and when the country was starting to feel the economic impacts of the coronavirus pandemic.
Iran’s annual inflation rate rose to nearly 49.1% in May 2023, just shy of an all-time record reported some three decades ago.
The International Monetary Fund (IMF) said in a report released earlier this month that Iran’s annual inflation rate would continue to fall this year to reach an average of 29.5%, the lowest in four years but still higher than all other economies in the West Asia region.
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Iran reports slight drop in inflation rate in January
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