Iran reports 1% rise in annual inflation rate in August

The Statistical Center of Iran (SCI) has reported a 1% increase in the country’s annual inflation rate for the calendar month to late August.

The Iranian government’s official statistics agency said on Wednesday that the consumer price index in the country had reached 370.5 in the year to August 22, an increase of 36.3% from the year before.

SCI figures showed that consumer prices in Iran had increased by 2.9% on a month-on-month basis in August.

The figures showed that prices of food, beverages, and smoking products in Iran had increased by 3.9% over August, while inflation of non-food products and services had risen by 2.3% over the same period.

The CPI measured on a point-to-point scale, which compares inflation in two same months in back-to-back years, was 42.4% in the calendar month to late August, up 1.2% from the same rate reported in July, the data showed.

Iran has managed to keep its headline inflation rate below 40% for several months, a sign that it has emerged from an economic crisis that erupted after the spread of the COVID-19 pandemic in 2020 and just when the country was fighting the impacts of US sanctions on its oil exports.

Iran’s inflation rate peaked at 49.1% in May 2023, just shy of an all-time record reported some three decades ago.

However, consumer prices have increased in Iran since the start of the current calendar year in late March, while a brief war of aggression fought with the Israeli regime in June further destabilized the prices.

That means that Iran would report higher rates of inflation in the months to come.

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