March 17, 2023
Inflation continues to rise with the most closely watched measure rising a full two percentage points in the Persian month ending February 19 and reaching 53.4 percent compared to the same month last year. By the other measure used by the Statistical Center of Iran, the average over the last 12 months, the inflation rate rose by 1.4 percentage points and reached 47.7 percent.
That was the ninth month in a row that the average rate rose. The rate compared to the same month last year rose for the third straight month. In an effort to fight inflation, the Agriculture Minister ordered grocery store chains to cut the prices of 32 basic goods by 10 to 25 percent over the next three months.
The grocery stores are supposed to eat the costs of this discount, which likely means that the 32 foods, including beans, rice and meats, will disappear from the shelves in many stores.
