a record low in more than a quarter century.

The latest CBI data indicate an inflation rate of 9.84% for the Iranian month ending May 21.

Many officials and economists have warned against a rebound of inflation to the double digit territory. In fact, the Economy Ministry has already predicted that the average inflation rate in the rolling year to the end of the current Iranian month (June 21) will rise to 10.4%.

He said the upward inflation during the past months has been driven by a number of factors, including higher demand during the Iranian New Year holidays in late March and the presidential vote on May 19, in which President Hassan Rouhani won a second term in office over his main rival Ebrahim Raeisi.

“Inflation witnessed a shock as aresult of the election, which is not uncommon in all elections across the globe,” he said, adding that this effect becomes more profound when people see the risk of economic instability rising with the prospect of the victory of a certain candidate.

The deputy minister referred to foreign exchange rate fluctuations in the days leading up to the election and said major global currencies gained against rial for a short period, but they depreciated soon after the final tally was announced in Rouhani's favor.

According to Mirshojaeian, the expected inflationary uptick at the beginning of summer is attributed to two reasons, namely the housing sector that goes through a sale/rent peak every year around this period and rising food demand during the Muslim month of Ramadan.

"Following these shocks, prices are