Inflation rate in Iran rises to 22.9 %

Iran’s inflation rate hit 22.9 percent in the fourth calendar month of the Iranian year , which ended on July 21, showing 0.5 percent rise compared to the previous month, the IRNA News Agency reported.

The central bank of Iran has reported that the inflation rate has been rising since the beginning of the Iranian year.

The inflation rate was 21.8 percent in the first month of the year ( March)

This is more than 10 times the average inflation rate in the US.

In a related development Iran’s rial sank about 5 percent in trading against the U.S. dollar on Monday after the central bank said it would change the currency’s official exchange rate, prompting fears of another devaluation as the economy suffers from international sanctions.

The rial was trading in the free market at around 21,510 per dollar, according to Persian-language currency tracking website Mazanex, down from about 20,440 on Sunday.

Tehran times, Agencies