Publishe Date: 11:10 AM - 8/12/2014 | Print

President Underscores Iran's Determination to Access One-Digit Inflation by Early 2016

Economy - Iran's President Hassan Rouhani said on Tuesday that his administration is resolved to do its best to control inflation rate and decrease it to less than 10 percent annually by March 2016.

Addressing opening ceremony of the government's biggest economic gathering to end recession in Tehran on Tuesday, President Rouhani said his administration has managed to cut the inflation rate by 31 percent to 14 percent from 40 percent under the previous government.

"Plans have been devised to lower inflation rate to less than 25 percent by the end of the current calendar year in the country," the Iranian president went on to say.

Late in July, a report by the country's Center of Statistical Surveys announced that Iran's inflation rate declined by 2 percent in the last Iranian month of Tir (June 22-July 21, 2014) compared with the figures of one month earlier.

The inflation rate dropped to 24.2 percent in Tir as compared with 26.2 in Khordad (May 22-June 21, 2014), the report said.

Analysts believe that a rise in production of goods and services has attracted liquidity to these sectors and led to the new fall in inflation rate.

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