Iran budget to attack inflation

New Iranian president Hassan Rouhani revealed his first budget yesterday, pledging to rid the country of the stagflation that it currently suffers from. Iran entered a recession during late 2012, following the EU’s embargo on the Iranian oil industry, which began in July. The country is also gripped by an inflationary crisis: according to Professor Steve Hanke’s troubled currencies index, prices rose by over 100 per cent in the year to May.