Iran’s industrial output showed a mild rebound in November, even as most manufacturing branches continued to contract and producer prices climbed to a four-year high, according to the latest report by the Central Bank of Iran’s Monetary and Banking Research Institute.
Industrial Production Index (IPI) growth among listed companies rose from –2.1% in October to 0.6% in November, ending a brief two-month decline. Yet the recovery remained narrow: only three industries—chemicals, autos and auto parts, and pharmaceuticals—recorded positive growth.
Twelve-month output growth among listed firms stayed negative for the sixth consecutive month, while the three-month growth reading slipped back to –0.3%, after turning neutral in October.
The report highlights severe pricing pressures across manufacturing. Industrial producer inflation jumped to 44.6%, the highest since 2020. Year-on-year price growth exceeded 50% in food, pharmaceuticals, and machinery, surpassed 70% in electrical equipment, and crossed 100% in paper products.
Chemicals led monthly output gains with 7.3% growth, the strongest in 11 months, supported by more than 20% production increases at major petrochemical firms.
Auto and parts makers grew 6.6%, while pharmaceuticals rose 2.9%. On the downside, paper products and machinery recorded steep monthly contractions of 18.2% and 17.7%, respectively. Basic metals, one of the most influential sectors, slipped 0.3% after three months of expansion.
Inventory data point to continued supply-side strain. Both production and inventories fell simultaneously over the three months to November, a pattern the report links to energy constraints rather than weak demand. Total inventories dropped 1.4% month-on-month and 3.2% over the three-month period.
Price risks remain elevated. Six out of 13 monitored industries posted inflation above 50% in November, led by paper (102.8%), electrical equipment (70.6%), pharmaceuticals (59.9%) and machinery (53.7%).
The latest figures underscore a fragile industrial landscape marked by shallow output gains overshadowed by intense cost pressures.
