Iran’s inflation hits 44%, surpassing monthly averages

With Iran's inflation rate soaring, a new report suggests that the price hikes in most provinces are higher than the average figure announced by the authorities. 

Iran International reports citing Fararu that the point-to-point inflation rate in December once again surpassed the 40 per cent mark after five months. The index indicates that Iranian households spent approximately 40 per cent more in the past month compared to the corresponding period of the previous year to meet their needs or purchase a range of goods and services.

According to the Iran Statistical Center's definition, the point-to-point inflation rate represents the percentage change in the average of the price indices in comparison to the year before, providing a more tangible perspective on understanding price hikes. The reported point-to-point rate for the past month was 44.4 per cent while the government had predicted an annual rate of 25 per cent for the current Iranian year (started March 21).

There are no independent figures on the economy and no non-governmental entities to verify figures published by the authorities. Some politicians and media say that the real rate of inflation is higher than what the government announces.

The highest inflation rate this month was reported in hotel and restaurant services at 56.5 per cent, exceeding 16 per cent over the average annual rate of about 40 per cent promulgated by the authorities. Inflation for clothing and shoes was at 47.2 per cent, cigarettes at 45.8 per cent, recreation and culture at 44.1 per cent, education at 42 per cent and foods at 41.3 per cent.