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Iran’s skyrocketing inflation rate

Inflation reaches 48 percent in Iran
Inflation reaches 48 percent in Iran

Analysis by PMOI/MEK

 

Iran, July 27, 2019A report published by the Statistical Center of Iran on July 24 indicates that the official rate of inflation at the end of the fourth month of the Iranian calendar year 1398 [July 2019] reached a record high of 48 percent. The report says Iranian families are spending 48 percent more this year compared to the same period last year for purchasing the same type of goods and services.

Meanwhile, according to the same report, the inflation rate in the 12-month period ending the Iranian calendar year 1387 [July 2019] reached 40.4 percent.

The Statistical Center of Iran report also says that in July 2019 the price index for edible goods witnessed a 71.8 percent increase compared to the same month last year. This increase in non-edible groups of goods and services was 38.4 percent.

In the current situation of Iran’s economy, the point-to-point inflation can indicate the depth of the country’s economic crisis in a more transparent way.

The increase in the rate of inflation has been steadily high since the United States withdrew from the 2015 nuclear deal back in May 2018.