Iran Inflation: Consumer Prices Rise 26.9% in Fiscal 2018-19

EghtesadOnline: The goods and services Consumer Price Index in the 12-month period ending March 20, which marks the end of last Iranian year, increased by 26.9% compared with last year’s corresponding period, the Statistical Center of Iran reported.

News ID: ۷۴۶۹۸۸

06 April 2019

SCI put the inflation rate for the average annual inflation in the 12-month period leading to the preceding Iranian month, which ended on Feb. 19, at 23.5%.

The overall CPI (using the Iranian year to March 2017 as the base year) stood at 164.3 in the Iranian month ending March 20, indicating a 3.9% rise compared with the previous month.

The consumer inflation registered a year-on-year increase of 47.5% in the period compared with the similar month of last year, according to Financial Tribune.

SCI put the average 12-month urban and rural inflation ending March 20 at 26.6% and 28.1% respectively.

The index registered a year-on-year increase of 46.6% for urban areas and 52.7% for rural areas compared with the similar month of last year.

The overall CPI reached 163.3 for urban households and 170.3 for rural households, indicating an increase of 3.8% for urban areas and 4.5% for rural areas compared with the previous month.

CPI Basket of Goods & Services

The highest month-on-month inflation among 12 goods and services groups in the Iranian month was recorded for the “Transportation” group with a 9.3% increase, followed by “Foods and Beverages” with a 6.5% rise and “Clothing and Shoes” with a 5% increase compared with the preceding month.

“Education” was the only consumers’ goods and services group with a 0% monthly inflation rate in the Iranian month under review.

The “Tobacco” group registered the highest and “Education” group posted the lowest year-on-year CPI increase among the 12 groups of goods and services with 125% and 21.1%, respectively.

The annual inflation rate of “Tobacco” group was the highest in the 12 months ending March 20 at 102.4% and that of “Housing, Water, Electricity, Natural Gas and Other Fuels” group had the slowest annual inflation rate at 16.8%.

Food & Beverages Inflation

The Consumer Price Index of “Food and Beverages” stood at 200.4, indicating a 6.5% rise compared with the previous month.

The “Food and Beverages” index registered a year-on-year increase of 73.2% compared with the similar month of last year.

CPI of “Food and Beverages” group in the 12-month period ending March 20 increased by 36.8% compared with last year’s corresponding period, SCI reported.

The retail price for tomato paste in the Iranian month increased by 242% compared with the same period of last year.

A kilogram of tomato paste went for 191,282 rials ($1.42) in the final Iranian month, to register the highest year-on-year price rise for a food product, SCI said.

The second and third biggest year-on-year price rise among food items were registered for apples and lamb with 140.6% and 135.4%, respectively. A kilogram of apples was sold at 91,001 rials (67 cents) and a kilogram of lamb went for 955,735 rials ($7.1).

The Iranian month saw sugar prices rise by 38.5% compared with the previous month, the highest month-on-month price rise among food items. The second and third biggest month-on-month price rise during the period were recorded for sugar cubes with 25.5% and onions with 25.4%.

There has been no report on year-on-year price decline for food items in the Iranian month, but the prices of eggs and bananas decreased by 4% and 1% respectively compared with the month before.

A kilogram of eggs was sold at 95,418 rials (71 cents) while that of bananas went for 125,636 rials (93 cents) in Esfand.