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| Iran's inflation rate reaches 17% |
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 TEHRAN — The minister of economic affairs and finance said Iran’s twelve-month inflation rate ended to the calendar month of Shahrivar (August 22-September 21) reached 17 percent, showing a narrow decline in comparison to the month earlier.The inflation rate of month of Mordad (July 22- August 21) was stood at 17.2 percent. Fars news agency quoted Shamseddin Hosseini on Friday as saying due to the increasing of energy, oil and food prices and also hiking of global inflation, the 17% rate of inflation in Iran is normal. Pointing to the direct share of the subsidy reform plan in the inflation, Hosseini added that the good management of government has prevented high surge of inflation since implementation of subsidy reform plan. The subsidy reform plan, which was implemented in December 2010, charts out how the Iranian government will gradually slash national energy subsidies over the course of five years, with families being compensated directly with cash subsidies. Earlier this month, the Iranian Central Bank chief predicted that inflation will reduce in the coming months and the country will achieve its goal of single digit inflation in the next Iranian calendar year. Hosseinin also announced the National Development Fund (NDF) reserves at 22 billion dollars which, as he estimated, will increase to 30 billion dollars by end of current Iranian calendar year.
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