Food Inflation Shrinks in Iran: WB
TEHRAN (Tasnim) – The World Bank (WB) in its latest report said food inflation in Iran in the 12-month period closing on the Iranian month of Shahrivar (September 22, 2023) has dropped to 37.4 percent.
In a report on “Inflation of Food in World”, the bank pointed to a decrease in food inflation in Iran to 37.4 percent in 12 months ending September 22, 2023 as compared to the same period of last year.
The country’s food inflation rate in the reported period has also decreased compared to a month earlier, the World Bank added.
The World Bank had put the food inflation rate in Iran during the 12 months ending August 22, 2023, at 38 percent.
Also, the food inflation rate in Iran has relatively halved over the past year as it was 71.4 percent in October 2022.
The price of food products considerably increased in Iran following the removal of the preferential currency set for importing basic goods (staples) into the country but the country has witnessed a declining trend of food inflation since May 2023.
Among countries in the world, Venezuela, Lebanon and Argentina are record-holders of skyrocketing food inflation, the World Bank added.