Iran's central bank says 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 is attributed to Western sanctions over Iran's suspect nuclear program and government mismanagement.

The figure was posted on the bank's website Wednesday. It reflects worsening economic conditions under President Mahmoud Ahmadinejad, who has come under criticism both from reformist opponents and conservatives, former allies who helped him win a disputed election in 2009.

Besides rampant inflation, Iran's currency faces collapse. In October, the Iranian rial lost about 50 percent of its value within a week.

The West believes Iran may be aiming to develop nuclear weapons. Tehran denies this and says the program is for peaceful purposes.