Business News - Bank: Iranian inflation increasing

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Bank: Iranian inflation increasing

TEHRAN (UPI) -- The annual inflation rate in Iran reached a 26.4 percent increase last month in comparison to the same month in 2007, the country's top bank says.

The Central Bank of Iran said in a statement that the month that ended on June 20, annual inflation in the Middle Eastern country had increased substantially for the second month in a row, PressTV reported Saturday.

"Inflation in the Iranian month of Khordad (ended June 20) reached 26.4 percent compared with the same month last year," the banking group said.

For the Iranian calendar month that ended May 20, there was a 25.3 percent increase in annual inflation compared with the same month a year earlier.

The annual inflation rate increases come as the Grand Ayatollah Hossein Nouri-Hamedani has expressed concern about increasing consumer prices in Iran, PressTV said.

"In a phone conversation with (Iranian) President Mahmoud Ahmadinejad, I urged the exertion of stricter control on the soaring prices now weighing down those at the bottom of the economic ladder," the Iranian religious leader said.

Copyright 2008 by United Press International

This news arrived on: 07/05/2008

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