ICBPS– Iran’s inflation rate is at an alarming rate again in August as the highest and lowest average annual inflation among 12 groups in the basket of consumer goods and services purchased by households were recorded for transportation (47.2%) and communications (6.4%).
The average goods and services Consumer Price Index (CPI) in the 12-month period ending August 21 advanced 30.4% compared with the corresponding period of the last fiscal year, according to the latest data released by the Statistical Center of the Islamic Republic of Iran (IRI).
The point-to-point inflation rate in August has increased by 3.5% compared to the previous month. The point-to-point inflation rate of the leading group of “food, beverages, and tobacco” also increased by 26%, and the group of “non-food products and services” increased by 32.6%.
Beverages, milk, cheese, and eggs had the highest increase among foodstuffs prices.
The so-called moderate Hassan Rouhani, however, claimed while the novel COVID19 pandemic has slashed major economies throughout the world by up to 20%, Iran’s economy has contracted only by 3%.
“Coronavirus has affected 15% of the nation Gross Domestic Product (GDP), and access to all resources may still not able to be done, even if Iran’s oil exports are not subject to U.S. sanctions,” declared the IRI’s Finance and Economic Affairs Minister Farhad Dejpasand.
Further, Iran’s construction sector fell to 52.78% during June 21-July 21 as housing rental in the Iranian capital Tehran raised 27% at the same time. The rent price in Tehran has experienced a 31% rise in the fourth month of this year compared to the same month in the past year, reported Central Bank of Iran (CBI).
Today, Iran faces immense challenges to its economy in the midst pandemic as the skyrocketing inflation, devaluation of the currency, budget deficits, recession, and high unemployment rate – all of which have put the crippled economy in a free-fall.
The Islamic Republic of Iran has planned to plunder the nation by allowing its citizens to invest in oil and its supply on local exchange to shutter the U.S. sanctions.
Dr. Saeed Ghasseminejad, in his detailed essay published on Radio Farda in mid-August, almost predicted how the Tehran Stock Exchange crash could occur once the panicked investors begin to flee as they anticipate a collapse.