25 Apr 2024
Thursday 13 December 2012 - 15:09
Story Code : 13985

Iran's inflation hits 26.1 per cent

Iran
Milad towerThe inflation rate in Iran for the 12-month periodthat ended on November 22nd hit 26.1%, the Central Bank of Iran (CBI) announced on Wednesday, the Mehr News Agency reported.
Experts believe that in recent months,the real rate of inflation in Iran has been over 50%.

"Figures obtained on the ground show that the inflation rate is over 50% and ?some unofficial sources even claim that it was 196%," The ILNA reported, quoting Iranian university lecturer and ?economist, Mehdi ?Taghavi, as saying in October.

Taghavi believes thatIran's currency (the Rial) has lost over 80% of its value ?during the past few months. ?

?"While the average economic growth in the Middle-East and North Africa region is ??5%, Iran's economy is shrinking ," he said ?

Taghavi added that the country's inflation is the highest in MENA region?.?

In its semi-annual World Economic Outlook, the IMF's forecast of Iran's gross domestic product ?would shrink 0.9% this year after 2% growth in 2011.
?
Its prediction for this year was a downgrade from a forecast of 0.4% growth in its last ?report in April. The IMF projected GDP would expand next year by 0.8%.?

The IMF expects inflation to shift to 21.8% in 2013 from 25.2 percent in 2012; ?many private economists, however, think inflation is well over 30%.?

By Albawaba

 

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