Sunday, July 8, 2012

Cost of Living Doubled in 5 Years - CBI

Central Bank of Iran (CBI) said in a report published today that the cost of living for Iranian households doubled in five years, during the period between 2005 and 2010. The annual gross cost of living for households in 2005 averaged 70 million rials, but increased to 141 million rials by 2010. CBI did not release the statistics for the past two years, but based on its previously published inflation reports it is believed that the rate of increase in cost of living has actually accelerated. 

UPDATE: Qolamreza Kateb, a member of Majlis Planning Committee, said today in Tehran that the current inflation rate in the country is 33.5 percent. (Donya-e- Eqtesad, 8 July). The government has not yet released the latest inflation figures. But if Kateb’s assertion is correct, it represents serious worsening of the Iranian economy.

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