Iran: Inflation Soars, Officials Say

http://www.nytimes.com/2013/01/10/world/middleeast/iran-inflation-soars-officials-say.html

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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.