Iran inflation rate slows down to 9.7%

Iran inflation rate slows down to 9.7%

The Central Bank of Iran (CBI) says that Iran inflation rate dropped to 9.7 percent.

Iran’s inflation rate eased into single digits for the first time in a quarter century following the lifting of sanctions against Tehran after the implementation of a landmark nuclear agreement, known as the Joint Comprehensive Plan of Action (JCPOA), in January.

Iran and the five permanent members of the UN Security Council – the United States, Britain, France, China and Russia – plus Germany reached the JCPOA on July 14, 2015.

Under the deal, all nuclear-related sanctions imposed on Iran by the European Union, the Security Council and the US would be lifted. Iran has, in return, put some limitations on its nuclear activities.

The Statistical Center of Iran (SCI) last week announced that the inflation of prices in the urban areas stood at 9.5 percent over the same 12-month period.

The SCI also put the figure for the country’s point-to-point inflation at 6.1 percent.

Iranian government spokesman Mohammad Baqer Nobakht said on June 21 that the annual inflation rate in the country decreased from 10.2 percent in the Iranian calendar month of Ordibehesht (April 20-May 20) to 9.5 percent at the end of Khordad (May 21-June 20).

Nobakht, who is the head of the Management and Planning Organization of Iran, said the inflation rate has been declining over the past three years, adding, “The fall of the annual inflation rate and its [decline] a single digit was a big success.” Iran inflation rate