TEHRAN - The Statistical Center of Iran has announced that the inflation rate for the 12-month period ended the last day of the fourth Iranian calendar month of Tir (July 22) compared to the same period in the previous year hit 14.1 percent.

The center put the point-to-point inflation rate at 12.8 percent, the Mehr News Agency reported on Saturday.

The inflation rate was 1.2 percent in Tir (June 22- July 22) compared to its previous month.

In July 2014, Finance and Economic Affairs Minister Ali Tayyebnia said the Iranian government will implement anti-recession programs until a single-digit inflation rate is achieved. 

The administration has prepared a comprehensive plan to combat high inflation and bring the national economy out of recession, Tayyebnia added.

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

Central Bank of Iran (CBI) aims to lower inflation to single digits by 2017 and spur economic expansion as a landmark nuclear deal with world powers rolls back global sanctions, Bloomberg reported on July 14 quoting Peyman Qorbani, the vice governor for economic affairs at the CBI.

“The impact of lifting sanctions will help us follow on the path of lower inflation and stimulate economic growth”, Qorbani stated.

Envoys from Iran and a group of six nations have reached an accord that curbs the Islamic Republic’s nuclear program in return for an easing of restrictions that slashed oil exports and cut the country off from global finance.

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