BREAKING NEWS

Iranian inflation accelerates, posing headache for new president

By REUTERS

JULY 25, 2013 14:38

DUBAI - Iran's inflation rate surged to 45 percent in June, official data showed, adding pressure on squeezed Iranian households and an indication of the huge task President-elect Hassan Rouhani faces to repair the economy.

Spiraling prices and constricted spending power have left millions of Iranians struggling against a virulent combination of Western economic sanctions and poor fiscal management.

Prices rose 45 percent in the month up to June 21 compared to the same month a year earlier. They accelerated from 41.7 percent inflation in the month to May 21.

Prices rose 25 percent in the corresponding calculation for last year, official figures showed.

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