SCI Evaluates Latest Food Inflation Rates

EghtesadOnline: The Statistical Center of Iran has released a new report, reviewing the price changes in food products during the month ending Feb. 19.

News ID: ۷۸۵۴۱۹

29 February 2020

The biggest month-on-month price rise for a food item during the month under review was recorded for onions with 46.2%. A kilogram of onions was sold at 72,587 rials (46 cents), according to Financial Tribune.

The second and third biggest month-on-month price increase during the period under review was registered for bananas with 9% and potatoes with 8.8%, the Statistical Center of Iran reported.

A kilogram of bananas was sold at 151,875 rials ($97) and a kilogram of potatoes went for 42,581 rials (27 cents) last month.

Nine out of 24 food items examined by SCI every month saw a price decline in the 11th Iranian month (Jan. 21-Feb. 19) compared with the month before. The sharpest of such price declines were recorded for tomatoes down 18.4%, followed by cucumbers with 13% and lamb with a 1.4% month-on-month deflation.

A kilogram of tomatoes were sold at 67,523 rials (43 cents), a kilogram of cucumbers went for 51,585 rials (33 cents) and a kilogram of lamb was sold at 883,907 rials ($5.6).

When compared with the same period of last year, the retail prices for onions during the month increased by 99.7%, registering the highest year-on-year price rise for a food item last month.

The second and third biggest year-on-year price rises in the same month among food items were registered for packed foreign tea with 87.9% and Grade A Iranian rice with 43.7%. A kilogram of packed foreign tea was sold at 583,819 rials ($3.7) and a kilogram of grade A Iranian rice went for 233,019 rials ($1.4) last month.

The average goods and services Consumer Price Index in the 12-month period ending Feb. 19, which marks the final day of the 11th Iranian month, increased by 37% compared with last year’s corresponding period.

SCI had put the average annual inflation rate for the preceding month, which ended on Jan. 20, at 38.6%.

The consumer inflation for the Jan. 21-Feb. 19 period registered a year-on-year increase of 25% compared with the similar month of last year.

The overall Consumer Price Index (using the Iranian year to March 2017 as the base year) stood at 197.6 last month, indicating a 1.1% rise compared with the month before.

CPI registered a year-on-year increase of 25.1% for urban areas and 24.4% for rural areas compared with the similar month of last year.

The overall CPI reached 196.7 for urban households and 202.6 for rural households, indicating a month-on-month increase of 1.2% and 0.7% for urban and rural areas, respectively.

SCI put urban and rural 12-month inflation for the month under the review at 36.5% and 40.1% respectively.

With a coefficient of 26.64%, the Consumer Price Index of food and beverage stood at 225.8 in the month ending Feb. 19, indicating a 0.8% increase compared with the month before.

The food and beverage index registered a year-on-year increase of 25% compared with the similar month of last year.

CPI of food and beverage group in the 12-month period ending Feb. 19 increased by 48.2% compared with the corresponding period of last year.