Iran’s Central Bank says the country’s annual inflation rate now stands at 25.4 percent. The announcement on Sunday July 27 included news that the consumer goods and services price index has gone up by 1.4 percent in Iranian cities compared to last month.

Although the 25.4 percent inflation rate is high, it shows great improvement compared to when the Rohani administration took power last year, when inflation was pegged at 45 percent.

The Minister of Economics and Finance said last month that the inflation rate had gone from 21.5 percent in 2011 to 30.5 percent in 2012 and 45 percent in 2013, causing widespread unemployment and an economic downturn that was unprecedented, according to the minister, even during the war years.

He has announced that the new administration aims to bring the inflation rate down into the single-digit range.