News ID: 259193
Published: 0422 GMT September 24, 2019

Iran’s economy grows as inflation ebbs: SCI

Iran’s economy grows as inflation ebbs: SCI

The Statistical Center of Iran (SCI) announced that figures from the last month on the Iranian calendar (August 23-Septmeber 22) show that the point-to-point inflation rate has decreased by 6.6 percent in comparison with the earlier month, signaling that the country is doing well in the face of US sanctions.

The SCI declared that consumer inflation rate calculated on a point-to-point basis for the Iranian month ending September 22, had declined to stand at 35 percent, down from 41.6 percent recorded in the previous month, Fars News Agency reported.

The downward trend in Iran’s point-to-point inflation rate is seen as a sign that the economy is on the path to recovery after more than a year of losses caused by Washington’s withdrawal from a major international agreement on the country’s nuclear program.

The SCI said last month that the point-to-point inflation rate for the month ending August 22 had been lower than the official year-on-year rate of 42.2 percent, a first in 16 months.

The government body had predicted that the declining trend would continue in the next months.

It added that the annual inflation rate for the period ending September 22 was 42.7 percent, up half a percentage point from the previous yearly figure recorded in late August.

The declining rates came as Iran's national currency, the rial, also rose against foreign currencies.

The rial was trading at 114,500 against the US dollar late on Tuesday, less than half a percent up from figures reported over the weekend.

Rial’s rebound and lower inflation rate comes despite a series of new sanctions imposed by the United States last week, which targeted the country’s central bank once again and its sovereign wealth fund and sought to heap further pressure on the country over allegations that it had been behind recent attacks on Saudi Arabia’s oil facilities in the middle of September. Tehran has vehemently denied the allegation.

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