Publishe Date: 4:27 PM - 12/8/2013 | Print

Iranian Gov't Stops Inflation

Politics - Iranian President Hassan Rouhani announced that his government has managed to control the growth of inflation in Iran during its short period of life since taking control of the country’s affairs, adding that the monthly growth rate of inflation in foodstuff prices has been pushed to zero.

“Today the point-to-point inflation growth rate has decreased 13 percent since the government started its work and the monthly inflation rate has reached one percent in the (Iranian) month of Aban (October 23 to November 21) from 3.4 percent in the month of Khordad (May 22 to June 21),” Rouhani said before submitting the annual budget bill to the parliament on Sunday.

“The monthly inflation rate of foodstuff has come to zero in Aban compared with the previous month, which is considered as a significant achievement,” he added.

The International Monetary Fund (IMF) announced in November that the negative economic growth for Iran will near zero and inflation will also be curbed in the coming months.

 


 

The IMF made the announcement in its latest report on Iran’s economic conditions after a 10-day visit by its experts to Tehran.

The IMF predicted that the average inflation rate in Iran would fall moderately to 21.1 percent in 2014, from 27.2 percent in 2013.

In September, President Rouhani and IMF Chief Christine Lagarde met at the United Nations during which they discussed Iran’s economy.

In a statement after the visit of IMF experts to Tehran, the IMF said they discussed Iran's high inflation and ways to restore economic growth, as well as its plans to address subsidy reform and other structural issues.

"The authorities' understanding of the challenges and the high expectations of several sectors in the economy provide a timely opportunity for advancing such reforms, notwithstanding the difficult external environment," the IMF said.

In a similar report in October 2012, the IMF said Iran would manage to bring its inflation rate lower and boost its economic growth in 2013 despite Western sanctions imposed on the country.

In its semi-annual World Economic Outlook report, the IMF predicted a trade surplus for Iran in 2013 and suggested the Western bans on Iran’s oil would fail to affect Iran’s economy.
 

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