Thursday, 10 January 2013

Iran inflation soars, Officials say

New York Times:

Iran inflation soars, Officials say.

Iran’s central bank disclosed Wednesday that the annual inflation rate hit 27.4 percent at the end of 2012, one of the highest rates ever quoted by Iranian authorities. The soaring rate reflects both the impact of Western sanctions over Iran’s disputed nuclear program and the worsening economic conditions under President Mahmoud Ahmadinejad, who has come under criticism both from reformist opponents and conservatives. Iran’s currency faces collapse. In October, the Iranian rial lost about 50 percent of its value within a week.  

A version of this brief appeared in print on January 10, 2013, on page A8 of the New York edition with the headline: Iran: Inflation Soars, Officials Say.