Iran Central Bank predicts 32 percent annual inflation rate

The Central Bank of Iran has predicted that the inflation rate in the end of the current Iranian calendar year (March 20) would hit 32 percent, the Mehr News Agency reported.

The inflation rate for the 12-month period ended the tenth Iranian calendar month of Day (January 19) rose by 1.3 percent compared to the 12-month period ended on December 20, 2012 and hit 28.7 percent.

In December 2012, IRNA quoted Finance and Economic Affairs Minister Shamseddin Hosseini as saying that the Iranian administration has special plans to curb a probable surge in inflation during the final months of the current Iranian calendar year, ending on March 20, 2013.

Since recent rises in prices of goods are in close relation with rises in foreign currency prices, so we should rein in foreign currency shocks, he added.

Seventeen million Iranians will receive staple food rationing cards, as the administration and the parliament have agreed to adopt policies to assist low-income families, the Mehr News Agency reported.

Earlier, the Majlis and the administration agreed to allocate $2 billion from the National Development Fund to support low-income families.

The money will be used to provide staple foods to poor families.

At that time it was ordered to implement the special discount coupons for 10 emergency first products and services, to reduce the overall prices. After the economy stabilized, Iran canceled the discount coupons.