People shop at the Grand Bazaar in Tehran on August 2, 2017. (Reuters)

December 23, 2019

Iran’s Statistical Center (ISC) has reported the inflation rate to have reached 40 percent in the 12 months ending December 22. In the last 30-day period inflation reached 41.1 percent.

The Iranian government and the Central bank have stopped reporting vital economic statistics since March, after currency devaluation, inflation and unemployment soared mainly due to U.S. sanctions. The Statistical Center is the only entity still issuing some reports.

Inflation in food prices topped the list while services and housing experienced slower price growth according to the report.

ISC says that in the past two months inflation has risen more slowly, pointing to the possibility that most of the rise can be attributed to previous months. There are no independent data gathering efforts in Iran and these figures cannot be independently verified.

In the meantime, an official representing workers’ wages commission of Islamic Councils recently announced that the November gasoline price increase have boosted all prices by 12-18 percent.

However, ISC’s report claims that the only recent significant price rises were in the vegetable sector (32%) and transport (14.7%) and other prices rose only marginally.

Iran’s currency has declined fourfold in the past two years and the country faces serious economic crisis, with oil exports slashed 90 percent by U.S. sanctions. The International Monetary Fund and the World Bank have estimated a nine percent GDP contraction this year.

Radio Farda

About Track Persia

Track PersiaTrack Persia is a Platform run by dedicated analysts who spend much of their time researching the Middle East, in due process we fall upon many indications of growing expansionary ambitions on the part of Iran in the MENA region and the wider Islamic world. These ambitions commonly increase tensions and undermine stability.