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Inflation rate glides down in Iran by over half a percent

22 May 2016 16:33



Latest official data shows the inflation rate in Iran has descended in the second month of the Iranian calendar year.

Figures by the Statistical Center of Iran (SCI) reveal the inflation rate dropped by 0.6 percent to 10.2 percent in Ordibehesht (ended May 20).

This is while the Central Bank of Iran (CBI) had announced the inflation rate of the last Iranian calendar year (ended March 19) to be at 11.9 percent.

Although the country has seen a slow, yet steady decline in inflation figures, its economy still awaits the proper jolt to push ahead this year and the next.

The International Monetary Fund (IMF) on Monday hailed Iran’s ability to push forward its economy.

Back in April, the IMF predicted Iran’s economy, which was flat last year, to grow by 4.0 percent in 2016 and 3.7 percent in the year to come.

Unemployment Woes

Media reports indicate Iran needs to further tap into its young generation of job seekers to jolt the economy.

Despite efforts to increase job output, Iran’s unemployment rate stood at 11 percent – an upward trend over the past three years, gradually picking up by less than half a percentage point.

David Lipton, IMF’s first deputy managing director, told Bloomberg on Tuesday that if Iran sought to attract foreign investments to bolster its economy, it should primarily fix its own banking system.

Improving governance and privatization of state enterprises will help make the economy more competitive, Lipton emphasized. To boost the private sector, Iran should remove price controls, reduce barriers to trade and create a more conducive environment for investment, production and job creation, he said.

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