Iran Statistical Center: Increase in Inflation and Unemployment Rates

The Iran Statistical Center, in a report published on Tuesday, August 2, 2018, states that the annual inflation rate for the 12 months ending in July 2018 reached 8.7%, indicating a 0.5% increase compared to the previous month. Inflation is defined as the growth in costs paid for a consistent basket of goods and services over a 12-month period compared to the same period in the previous year. Details from the report, published on the official website of the Iran Statistical Center, indicate that the rate of price increases for food items has been higher than for non-food items. The price growth index for certain goods such as red meat, vegetables, milk, cheese, eggs, tea, coffee, and tobacco has exceeded 12%. According to the Iran Statistical Center, the inflation rate has been single-digit since May 2016. Meanwhile, in another report released simultaneously with the inflation rate, the Iran Statistical Center states that the unemployment rate for the spring of this year has only increased by 0.5% compared to the same period last year. 'In spring 2018, 41.1% of the population aged 10 and older were economically active, meaning they were either employed or unemployed. The changes in the economic participation rate indicate a 0.5% increase compared to the same season last year (spring 2017).' According to the Central Bank's criteria, anyone who has worked for at least one hour during the week of the institution's survey is considered employed. Employment analysis across various sectors, according to the Iran Statistical Center, shows that the services sector accounts for more than half of employment in Iran. Approximately 31.2% of workers are employed in the industrial sector, and 18.7% in agriculture. During the mentioned period, 27 million and 387 thousand individuals in Iran were considered active, of which just over 24 million were employed. About 56.6% of employed individuals work 44 hours or more per week. The unemployment rate for youth aged 15 to 29 is 25.5%.