Food Above Average Inflation

EghtesadOnline: The Consumer Price Index of “Food, Beverages and Tobacco” group in the 12-month period ending July 22, which marks the end of Iranian month Tir, increased by 10.8% compared with last year’s corresponding period.

News ID: ۷۸۳۵۵۲

05 August 2018

CPI (using the Iranian year to March 2017 as the base year) for the group in question stood at 128.3 in Tir, indicating a 3.2% rise compared with the previous month, the Statistical Center of Iran reported.

It registered a year-on-year increase of 16% compared with the similar month of last year.

The rise in cucumber retail price over the month ending July 22 was the highest at 74.9% compared with the same period of the last year. A kilogram of cucumbers was priced at 35,640 rials (81 cents) in Tir, to register the highest year-on-year price rise for a food item, Financial Tribune reported.

The second and third biggest year-on-year price rises among food items were registered for banana and egg with 58.3% and 54.5%, respectively.

A kilogram of bananas was sold at 71,632 rials ($1.6) and a kilogram of eggs went for 82,074 rials ($1.86).

The biggest drop in food prices was reported for onion. A kilogram of onions was sold at 17,270 rials (39 cents), registering a decline of 48.4% YOY.

The prices of potato and lentil also decreased by 18.5% and 4.5% in Tir compared with the same period of last year.

A kilogram of potato was sold at 16,224 rials (36.8 cents) and a kilogram of lentils went for 80,880 rials ($1.8).

According to the latest SCI report, the average of goods and services CPI in the 12-month period ending July 22 increased by 8.7% compared with last year’s corresponding period.

SCI had put the inflation rate for the preceding month, which ended on June 21, at 8.2%. The center also put urban and rural 12-month inflation for Tir at 8.8% and 8.2% respectively.

The overall CPI (using the Iranian year to March 2017 as the base year) stood at 121.4 in Tir, indicating a 4.4% rise compared with the previous month.

The index hit 121.5 for urban households and 120.9 for rural households, indicating an increase of 4.6% for urban areas and 3.2% for rural areas compared with the previous month.

The highest growth in CPI was registered for Tehran Province (7.6%).

The index registered a year-on-year average increase of 13.8% compared with the similar month of last year. Urban areas registered a year-on-year increase of 14% and rural areas showed the YOY rise of 12.7% of consumer inflation compared with the similar month of last year.

Again, Tehran registered the highest year-on-year inflation increase with 17.4%.

The Central Bank of Iran's report, on the other hand, shows the goods and services CPI for urban areas in the 12 months to July 22 increased 10.2% compared with last year’s corresponding period.

The overall CPI (using the Iranian year to March 2017 as the base year) stood at 126.8 in Tir, according to CBI, indicating a 3.4% increase compared with the previous month. The index registered a year-on-year increase of 18% compared with the similar month of last year, the central bank's report reads.

Currently, two government bodies, namely the Statistical Center of Iran–affiliated to Plan and Budget Organization–and the Central Bank of Iran, are in charge of releasing statistical data, including those on Consumer Price Index trends.