Iran plans to reduce the inflation rate to a single digit by the next two months, the Mehr news agency quoted the country’s Finance and Economic Affairs Minister Ali Tayyebnia as saying on Monday.

The minister made the remarks on the sidelines of the meeting of Iran's Public-Private Dialogue Council.

The inflation rate for the 12-month period ended in the last day of the second Iranian second calendar month of Ordibehesht (May 20) compared to the same period in the previous year hit 10.2 percent, according to the Statistical Center of Iran.

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