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UPWARD BOUND —

Note that inflation compared to the same month in the previous year tends to be a leading indicator.  On the left side of the chart, it started going down a few months before the rate as a 12-month average turned downward.  And recently it started upward a few months before the 12-month average.  But also note that inflation turned upward before the shift from subsidies to cash welfare, which many in Iran complained would cause inflation to surge.

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