Annual inflation rises to 76.8%, statistics center says
Iran’s annual inflation rate reached 76.8% at the end of Mehr, the seventh month of the Iranian calendar year, which began on March 21, up 3.2 percentage points from the previous month, the Statistical Center of Iran said.
According to the center’s report, the consumer price index for Iranian households reached 761.8 in Mehr, rising 4.4% from the previous month and 88.7% compared with Mehr of the previous year.
Year-on-year inflation fell by 1.1 percentage points in the sixth month compared with the previous month. The index shows that households spent, on average, 88.7% more than in Mehr last year to buy the same basket of goods and services.
In the same month, monthly inflation was 2.4% for food, beverages and tobacco, and 5.8% for non-food goods and services.
Iran’s national currency, the rial, has fallen to record lows amid mounting economic pressure. It has traded at more than 2.7 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.