Iran's inflation continues to soar -- Central Bank says it hit 27.6 percent in August
TEHRAN, Iran (AP) -- Iran's Central Bank says the inflation rate hit 27.6 percent in August -- a 1.8 percentage points jump from the previous month.
It's the highest figure ever released by Iranian authorities.
The figure was posted on the bank's Web site Thursday.
It reflects worsening economy under hard-line President Mahmoud Ahmadinejad who has come under criticism both from reformist opponents and conservatives who paved the way for his 2005 election victory.
The soaring rate is blamed mostly on a huge increase in liquidity caused by oil revenues' impact and Ahmadinejad's insistence on lowering bank interest rates.
The inflation and Ahmadinejad's failed promise of bringing oil revenues to every family are expected to tax his re-election bid next year.
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