Inflation rate of Iran 2024

Iran: Inflation rate from 2014 to 2024 (compared to previous year)

by H. Plecher, last edited Aug 9, 2019
Inflation rate of Iran 2024 Iran’s inflation rate rose sharply to 31.17 percent in 2018 and was projected to rise another six percentage points before slowly starting to decline. Given the recent sanctions by the United States regarding the nuclear deal, this number has both political and economic implications.
Political implications

President Hassan Rouhani won the 2017 election based on economic promises, many stemming from the Joint Comprehensive Plan of Action (JCPOA), commonly known as the Iran Nuclear Deal. Lifting these sanctions opened the Iranian economy to many opportunities, including the chance to benefit from increased oil exports. The JCPOA was an integral part of the Rouhani campaign, so any economic hardship that is linked to the deal will likely be blamed on the president.

Economic implications

High inflation leads to high interest rates, which leads to less borrowing. Less borrowing means less investment, which slows economic growth. This slower growth often leads to higher inflation, which is what economists call an inflationary spiral. As such, Iran will have difficulty achieving substantial GDP growth until inflation returns to manageable rates.
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Iran: Inflation rate from 2014 to 2024 (compared to previous year)

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