Iran says inflation in single digits, first time in decades

TEHRAN, Iran – Iranian state TV says the inflation rate has dropped into the single digits for the first time in decades.

It quotes Vice-President Mohammad Bagher Nobakht as saying Tuesday that annual inflation has dropped to 9.5 per cent.

Iran’s inflation has been in the double digits since 1991, and in 1995 was a record-high 49.5 per cent.

President Hassan Rouhani’s government has touted its success in managing the economy despite international sanctions, which were lifted by last year’s landmark nuclear agreement with world powers. But critics attributed the drop in inflation to the low price of oil, which accounts for 35 per cent of the government’s annual budget.