Inflation slightly increased in Iraq during November
Part of the Iraqi capital, Baghdad. Photo: Shutterstock
Baghdad (IraqiNews.com) – The Iraqi Ministry of Planning announced on Monday that the inflation rate slightly increased during November.
The spokesperson of the Planning Ministry, Abdul Zahra Al-Hindawi, said in a statement that the Central Organization of Statistics and Information Technology (COSIT) monitored a slight increase in the inflation rate during November, the Iraqi News Agency (INA) reported.
Al-Hindawi revealed that inflation rose by 0.2 percent in November, compared to October, where it was only 0.1 percent.
The annual inflation rate monitored by the COSIT declined during November, compared to the same period in 2022.
The increase in the annual inflation rate reached four percent, compared to 4.1 percent in October 2023.
The Central Bank of Iraq (CBI) announced last month that the inflation rate would decrease in 2023 compared to 2022.
Inflation in Iraq reached approximately 3.7 percent in August 2023, compared to 4.4 percent in August 2022, despite the rise in inflation in Iraq’s trading partners, according to the statement.
The inflation rate reached 46 percent in Iran and approximately 57 percent in Turkey.
This reflects the CBI’s successful policy of achieving price stability and maintaining the inflation rate within acceptable limits.
The inflation rate in the United Arab Emirates reached 3.4 percent and 2.4 percent in Saudi Arabia.
In its latest report, the International Monetary Fund (IMF) expected that the annual inflation in Iraq would rise to 6.6 percent in 2023.
The IMF explained in its report that the annual inflation in Iraq during 2020 reached 0.6 percent and rose to six percent in 2021.
Expectations also indicated that the annual inflation rate in Iraq will decrease in 2024 to 1.6 percent.