Iran Inflation at 21.5%

Iran’s inflation rate for the calendar year 1390, which ended on 20 March, was at 21.5 percent, the Central Bank of Iran reported. The rate almost doubled over the past year as prices were driven up by government subsidy removals, a weak currency and the tightening international sanctions. In the final month of last Iranian year (21 February to 20 March), prices rose at a whopping 3.4 percent. Inflation has been rising relentlessly from a relatively low rate of 8.8 percent in just two years.

Meanwhile, the Iranian currency rial was quoted at 19,050 to the dollar, near its historic low of 20,000, the Association for Currency Exchanges of Iran reported on Sunday.