Inflation down by 1.1% in November

BAGHDAD / IraqiNews.com: Iraq’s inflation rate index dropped by 1.1% in November 2008, compared to October 2008, while the annual inflation rate rose by 6.7% in the period November 2007-November 2008, a report released by the Central Agency for Statistics and Information Technology revealed. The report revealed an increase in the average price of consumer goods and services, including foodstuffs (2.7%), furniture (0.9%), medical services and medicines (1.6%), and cigarettes and beverages (0.2%), according to the report that was received by IraqiNews.com. Meanwhile, prices of apparel, fuel and transport services, which form 16.7% of household expenditure, have dropped by 0.4%, 8.3% and 1.5% respectively. The report, which is based on field data about the retail prices of goods and services in local markets, revealed a 0.9% increase in the basic inflation index in November 2008, compared to its level in October 2008, and a 12.4% increase compared to the same month last year. SS (P) 1