Thursday, August 22, 2019 08:41

Iran’s inflation rate has dramatic fall

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Iran’s Central Bank says the inflation rate has been cut in half compared to the same time last year, falling to 20.1 percent. The report adds that health services have been hit with the highest inflation at 30.1 percent, with transportation trailing at 25 percent.

Last year around August, inflation reached its highest point at 40.1 percent, and the current report indicates that prices are now rising at half the rate compared to a year ago.

Meanwhile, the Central Bank has also reported that after two years of shrinking, this spring the economy grew at a rate of 4.6 percent.

Two years ago Iranian economy was shrinking at a rate of six percent.

The economic crisis was triggered by international sanctions on Iran’s oil and financial sectors as well as a restructuring of government subsidies on energy and food staples.