Iran: Inflation Hits 27.6% |
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The Central Bank of Iran (CBI) said the inflation rate hit 27.6 percent in August--a 1.8% jump from the previous month.
It is the highest figure ever released by the CBI. The figure was posted on the bank's website (www.cbi.ir). The soaring rate is blamed mostly on a huge increase in liquidity caused by oil revenues' impact and lowering bank interest rates.
However, the annual inflation rate had risen to 25.3 percent in May compared with the previous month, when it reached 24.2 percent.
The CBI also said that prices rose by 1.7 percent in the Iranian month to May 20, pushing up the year-on-year rate to more than 25 percent. Monthly prices increased 3.1 percent the previous month, to April 19, when the year-on-year rate was 24.2 percent.
The year-on-year rate was 22.5 percent in March, showing a steadily climbing trend. Critics say profligate spending of petrodollars, combined with interest rates well below inflation, have added fuel to price pressures.
The country has reaped windfall gains in recent years from world record oil prices and the economy is growing by more than six percent a year, despite illegal sanctions over its nuclear power program.
© Iran Daily 2008
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