CBI: Annual producer inflation rises to 92.3%
Iran’s annual producer inflation rate rose to 92.3% in the sixth month of the Iranian calendar year, which began on March 21, while year-on-year producer inflation climbed to 117.3%. Monthly producer price inflation also accelerated for a third consecutive month, reaching 4.9%, according to the Central Bank of Iran’s latest report.
The overall producer price index stood at 758.5 in the sixth month (August 23-September 22), up 4.9% from 723.1 in the fifth month (July 23-August 22), Eqtesad Moaser reported, citing the central bank.
The year-on-year, or point-to-point, producer inflation rate – which measures the percentage change in the price index compared with the same month a year earlier – rose to 117.3% in the sixth month from 116.8% in the fifth month.
Annual producer inflation, which measures the change in the average price index over the past 12 months compared with the average for the preceding 12-month period, increased to 92.3% from 86.6% in the fifth month.
Monthly producer inflation also continued to accelerate, rising from 1.8% in the fourth month (June 22-July 22) to 4.2% in the fifth month and 4.9% in the sixth month.
All three measures of producer inflation – monthly, year-on-year and annual – increased in the sixth month.
Iran’s national currency, the rial, has fallen to record lows amid mounting economic pressure. It has traded at more than 2.5 million rials per US dollar on the open market in recent weeks.
The sharp depreciation has underscored growing strain on an economy already grappling with high inflation amid Western sanctions. The country has also remained on a war footing since a US-Israeli coalition launched attacks in late February, particularly targeting civilians and infrastructure during a 40-day conflict.
Central Bank of Iran (CBI) Governor Abdolnaser Hemmati said at an International Monetary Fund (IMF) meeting in Bangkok that the country’s economy had shown strong resilience despite the US-Israeli war and Washington’s maximum-pressure campaign, dismissing claims that the economy was on the verge of collapse.
The central bank’s priorities are to curb inflation, stabilize inflation expectations, maintain financial stability and ensure the continued operation of banking and payment systems, Hemmati said.