Iran's inflation rate has climbed above 30 percent, the government’s Statistics Center reported today. The annual rate reached 31.5 percent for the Iranian calendar year of 1391, which ended 20 March. (Mehr News Agency, 1 April)
Iran has suffered double-digit inflation for most of the past decade. Inflation began rising sharply at the end of 2010 when the government slashed food and fuel subsidies and under the pressure from sanctions, the value of national currency dropped sharply.
The Statistics Center does not include imported goods in its basket for measuring inflation rate. Iran’s real inflation rate could be roughly twice as high if the prices of imported goods are included.
Meanwhile, in the foreign currency open markets, the dollar was traded for 35,000 rials on Monday. In the first three months of 2013, the exchange rate has moved between 34,000 to 40,000 rials for a dollar, with the latter rate being a historic low.