Iran's Statistical Center Announces November Inflation Rate: 34.9%

The Statistical Center of Iran announced that the point-to-point inflation rate for November this year is 34.9%. This means that Iranian households spent 34.9% more to purchase a similar set of goods and services in November this year compared to November last year. In the previous report from the Statistical Center regarding the consumer price index, the point-to-point inflation rate for October was reported at 32.8%, indicating that the inflation rate in November has increased by 2.1 percentage points. The average inflation rate, which compares the inflation rate for the 12 months ending in November this year to the 12 months ending in November last year, was reported at 15.4%, which is an increase of 2.2 percentage points compared to the average inflation rate in October. According to the Statistical Center of Iran, the monthly inflation rate for the reported month reached 2.6%. The point-to-point inflation rate for the group 'Food, Beverages, and Tobacco' in November was reported at 50.3%, while the point-to-point inflation rate for 'Non-Food Goods and Services' was 29%. The increase in the price index for food and beverages is attributed to rising prices of meat, including various types of fish, lamb, and beef, as well as fruits, nuts, and dairy products. The report also states that the increase in the price index for the main non-food goods and services group is due to rising prices in furniture and household appliances, as well as clothing and footwear. The highest point-to-point inflation rate in November among the groups and categories constituting the consumer price index was related to tobacco, which experienced a 160% increase. Following tobacco, the highest inflation rate was for the recreation and culture group, which saw a 63.5% increase. The groups 'Miscellaneous Goods and Services' and 'Food and Beverages' followed in the rankings for the highest inflation rates in November. The consumer price index, which indicates inflation, has been rising in recent months due to price surges in the currency market, as well as liquidity pressure and the government's budget deficit. Although Iranian officials have spoken about the government's plans to control the exchange rate, statistical evidence suggests that an increase in the inflation rate in the coming months is likely.