News ID: 265922
Published: 0339 GMT February 20, 2020

Iran reports lower price index in month ending February 19

Iran reports lower price index in month ending February 19

Data published by the Iranian government’s statistics department shows inflation has nudged down by 1.6 percent in the month ending on February 19, 2019.

The Statistical Center of Iran (SCI) said the consumer price index was down at 37 percent year-on-year in the Persian calendar month of Bahman from 38.6 reported in the month ending on January 20, presstv.ir reported.

It said, however, the rate of price growth compared to the month of Bahman in the previous Iranian year was 25 percent, meaning that households had spent a quarter more on consumer goods and services this year.

The price index in Bahman also declined 1.3 percent on a month-base scale compared to the previous month, it said.

The SCI said yearly price index for households in urban places was down 1.5 percent on 36.5 while rural households were 2.1 percent worse off compared to the previous month at 40.1 percent.

It said that households spent less, around 0.8 percent, on staple food and 1.2 percent less on non-food goods and services in Bahman compared to the previous month. 

The updates, covered in a report by the IRNA agency, come amid a renewed surge in prices of foreign currency in Iran.

Many blame the soaring forex prices on tensions with the United States that escalated in early January. Experts say  speculative trade in the market has also picked up due to uncertainties surrounding Iran’s position vis-à-vis FATF, a global money laundering watchdog.

The rial further lost its value against major currencies on Thursday with each US dollar sold for 144,000 rials, based on reports from an unofficial market in downtown Tehran and prices seen in currency rate monitoring websites.

   
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