SCI Scans Latest on Iran's Food, Beverages Inflation

EghtesadOnline: The retail price of onions during the second Iranian month (ended May 21) increased by 306% compared with the same period of last year.

News ID: ۷۴۷۴۸۱

02 June 2019

A kilogram of onions was sold at 73,802 rials (52 cents) to register the highest year-on-year price rise for a food item, the Statistical Center of Iran reported.

The second and third biggest year-on-year price hikes among food items were recorded for tomato paste with 246.6% and potatoes with 241.3%. The biggest month-on-month price rise was recorded for sugar-cubes with 25.6%.

The second and third biggest month-on-month price rises during the period under review were registered for sugar with 25% and Grade A Iranian rice with 18.5%, according to Financial Tribune.

A kilogram of tomato paste was sold at 205,661 rials ($1.47), potatoes 58,569 rials (42 cents), sugar-cubes 88,860 rials (63 cents), sugar 77,489 rials (55 cents) and Grade A Iranian rice 206,097 rials ($1.47) during the month.

During April 21-May 21, prices of onions posted a decline of 33.4% when compared with the month before. Cucumbers with an 18.1% and chicken with 17.8% also experienced deflation month-on-month.

A kilogram of cucumber was sold at 55,681 rials (40 cents) and chicken at 118,899 rials (85 cents).

The Consumer Price Index of “food and beverages” group stood at 216.7 in the month ending May 21, indicating a 0.8% decrease compared with the previous month.

In fact, “foods and beverages” was the only consumer goods and services group among a total of 12 groups showing a monthly deflation.

The index registered a year-on-year increase of 81.7% compared with the similar month of last year.

The group’s CPI in the 12-month period ending May 21 increased by 49.7% compared with last year’s corresponding period, SCI reported.

The overall consumer inflation registered a year-on-year increase of 52.1% in the month ending May 21 compared with the similar month of last year, according to SCI.

CPI (using the Iranian year to March 2017 as the base year) stood at 173.5 in the month, indicating a 1.5% rise compared with the previous month.

The average goods and services CPI in the 12-month period ending May 21 increased by 34.2% compared with last year’s corresponding period.

Year-on-year and average annual consumer price inflation measured for rural areas were higher than those in urban areas.

The CPI index registered a YOY increase of 50.7% for urban areas and 59.6% for rural areas compared with the similar month of last year.

The overall CPI reached 172 for urban households and 181.9 for rural households, indicating an increase of 1.6% for urban areas and 1% for rural areas compared with the previous month.

SCI put average 12-month inflation for urban and rural areas at 33.7% and 37.1% respectively.