Iran's annual inflation rate drops to 35.5% in July

EghtesadOnline: The consumer price index (CPI) had increased by 35.5% in the year leading to July 21 compared to the year before to reach 255.2.

The point-to-point inflation rate, which compares prices in two similar months of back-to-back years, topped 32.2% in the month to late July, up 0.3% compared to the figures reported in late June, said the SCI.

SCI figures showed that consumer prices had risen by 2.2% on a month-on-month basis in the calendar month to late July with prices of food, beverages and smoking products rising 1.6% while prices of non-food goods and services rising 2.5% over the same period.

The World Bank (WB), in its latest report, predicted that Iran’s economy will grow 3.2 percent in 2024 and the inflation rate will decrease to 35 percent.

According to the estimate of the international body, Iran’s economy experienced a five percent growth and a 40.8 percent inflation in 2023.

The bank has forecast that the industrial sector in Iran will take the lead in 2024, experiencing a 4.9 percent growth, followed by the services and agricultural sectors with a 2.7 and 0.9 percent growth.

In addition, the World Bank has predicted that Iran’s export of goods and services will exceed 7.1 percent in 2024 compared to the preceding year.

Also, the bank expects that import of products into the country will experience a 1.8 percent growth in 2024 compared to a year earlier.

The balance of Iran’s current accounts will also experience positive growth and reach 2.7 percent of the gross domestic product (GDP) in 2024. / Mehr