Iran's annual inflation rate hits 39%

Iran
# 07 September 2013 20:11 (UTC +04:00)

Baku-APA. The Central Bank of Iran (CBI) announced that the inflation rate for the 12 months leading to the end of the fifth Iranian month (Aug. 22) reached 39 percent, Tehran Times daily reported on Saturday, APA reports quoting Xinhua.

CBI Governor Valiollah Seif said special attention must be paid to curbing the runaway inflation, especially the rising price of consumer goods, in order to help reform the national economy.

Economic observers, however, said that Iran's real inflation rate must be much higher than the official figures.

Due to the West's sanctions on Iran's energy sector and financial system for a controversial nuclear program, the Iranian currency depreciated sharply against foreign currencies in the past year.

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