IMF expects inflation in Iraq to be 4% in 2024
The International Monetary Fund. Photo: AP
Baghdad (IraqiNews.com) – The International Monetary Fund (IMF) revealed on Monday that inflation in Iraq is expected to reach four percent in 2024.
According to a report on the inflation index issued by the IMF, Sudan is expected to have the highest inflation rate in 2024—145.5 percent. Egypt and Yemen are predicted to have the second and third highest rates, respectively, at 32.5 and 16.9 percent.
With an anticipated inflation rate of 7.6 percent, Algeria came in fourth in the Arab world, ahead of Tunisia in fifth place with an estimated inflation rate of 7.4 percent.
With four percent, Iraq ranked sixth, ahead of Kuwait (3.2 percent), Mauritania (2.8 percent), Jordan (2.7 percent), Qatar (2.6 percent), Saudi Arabia (2.3 percent), and Morocco (2.2 percent).
Multiple factors affect these ratios, such as swings in food and energy prices and pressures related to currency exchange in certain Arab countries.
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 neighboring countries.