Iran’s average goods and services consumer price index (CPI) inflation for the first month of the new Persian year (started March 21) stood at 51.4% y/y, with food, beverage and tobacco prices jumping 85% y/y, the Statistical Centre of Iran (SCI) reported on April 22.
Iran is facing a perfect storm involving a severe currency devaluation amid tightening sanctions levied by the US and stagnating wages. Many Iranians have cut down to essential purchases only but prices have nevertheless continued to jump across the country with rural areas more heavily affected than urban localities, according to the latest data.
The average goods and services CPI inflation for the 12-month period ending April 20 was given as 30.6% y/y by the SCI, which is lower than the International Monetary Fund’s inflation estimate for Iran in 2018.
Iran’s average goods and services CPI inflation in the 2018/2019 Persian year (ended March 20) stood at 26.9%.
A 155.6% increase in vegetable prices and a 117% increase in meat prices y/y were recorded in the first month of the Persian new year.
Some global economists put Iran’s inflation rate a good deal higher than what is portrayed by the country’s official statisticians.
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