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Iran Inflation At 25-Year Low

Iranian Vice President Mohammad Bagher Nobakht (file photo)

Iran says its inflation rate has dropped into single digits for the first time in a quarter of a century.

Vice President Mohammad Bagher Nobakht told parliament on June 21 that annual inflation fell to 9.5 percent in the Iranian calendar month that ended the day before.

Citing figures from the national statistics center, Nobakht said the rate had dropped from 10.2 percent in the previous month.

Sanctions imposed on Iran over its nuclear program have curtailed oil sales and slashed investment for years, tipping the country into recession and helping send prices surging.

The Islamic republic is now emerging from international isolation after the easing of sanctions in January under a deal between Tehran and global powers to curb Iran's nuclear program.

Oil exports have risen almost to pre-sanctions levels and global companies are signing business agreements.

Based on reporting by AP and Bloomberg