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The rise in prices of goods and services accelerated at an unprecedented pace, after the government decided to overhaul the import subsidy system in May.

The average annualized inflation in the seventh month of the current Iranian year (Sept. 23-Oct. 22) stood at 42.9%, the Statistical Center of Iran announced in a new report.

This is the fifth consecutive month in which the annualized inflation is rising after the government put into effect what it touted as “economic surgery” by abolishing years of heavily subsidizing the import of essential goods.

The general goods and services Consumer Price Index (using the Iranian year to March 2017 as the base year) stood at 541 in the month under review, indicating a month-on-month rise of 3% and a year-on-year rise of 48.6%.

Among 12 groups of goods and services reviewed by SCI, the highest and lowest annualized inflation rates were respectively registered for “hotels and restaurants” with 71.1% and “communications” with 6.5%.

Inflation