Iran's inflation rate hits 19.1 percent: CBI
The head of the Central Bank of Iran (CBI) says the country's twelve-month inflation rate has increased by 0.8 percent to stand at 19.1 percent by the end of the Persian month of Mehr (Sept. 23-Oct. 22). Mahmoud Bahmani said on Tuesday that the inflation rate of the previous month of Shahrivar (Aug. 24-Sept. 22) stood at 18.3 percent, IRIB reported. The CBI chief further said that the country's inflation growth rate will decline in the coming months. He put last year's inflation rate at 12.4 percent.
In October, the International Monetary Fund (IMF) released its annual report on the Middle East and Central Asia for 2011 and 2012, saying that Iran's economy is in for an overall growth of 2.5 percent in 2011. According to the IMF report, Iran's non-oil and oil sectors will respectively grow 2.6 percent and 1.5 percent in 2011. The country's economic growth rate for 2012 has been projected to 3.4 percent. Based on the report, Iran's gross domestic product (GDP), which hit USD 407 in 2010, will increase by USD 68 billion in 2011 to reach USD 475 billion. Iran's GDP growth figure for 2012 has been given at USD 494 billion.
According to the IMF, high inflation will characterize the Iranian economy in 2011. Iran's inflation, which was recorded at 12.4 percent in 2010, is expected to hit 22.5 percent in 2011 mostly due to the reallocation of subsidies.