TEHRAN- Mohammad Baqer Nobakht, the head of Management and Planning Organization of Iran, on Monday, put the inflation rate for the 12-month period ended in the last day of the fifth Iranian calendar month of Mordad (August 21) at 8.7 percent compared to the same period in the previous year, ISNA reported.

On June 14, Finance and Economic Affairs Minister Ali Tayyebnia said the country planed to reduce the inflation rate to a single digit by the coming two months.

The goal was achieved in the third Iranian calendar month of Khordad when the inflation rate hit 9.5 percent.

Curbing inflation was one of the major promises by Iranian President Hassan Rouhani during his presidential campaign. Under the previous administration, inflation skyrocketed to cross 44%. 

Tayyebnia also noted that the government is to institutionalize growth in the country’s economy in a move to reach the five-percent economic growth which has been envisaged in the country’s budget plan for the current Iranian calendar year (began on March 20).

The official believes that removal of the West-led sanctions against Iran’s economy provides many opportunities for the country to achieve sustainable economic growth.

MA/MG