Report: Iran's annual inflation rate hits 88.6 percent

Iran’s annual inflation rate for the third month of the current Iranian calendar year, spanning 22 May to 21 June, rose to 88.6 percent, the official IRNA news agency reported on Saturday. Citing figures released by the Statistical Centre of Iran, the report stated that the country’s consumer price index for the same Iranian month, known as Khordad, reached 656.4 units. This figure represents a 5.9 percent increase from the previous month and an 88.6 percent rise year-on-year. The report added that the index recorded 62 percent growth over the 12-month period ending 21 June, compared with the same period a year earlier. The acceleration of inflation in Iran has intensified since the United States reimposed sanctions on the country following Washington’s withdrawal from the 2015 nuclear deal between Tehran and world powers. Inflation in Iran has risen more sharply in recent months amid the country’s conflict with Israel and the US since the beginning of this year.