Inflation in Iraq declines by 1% during April
Part of the Iraqi capital, Baghdad. Photo: Shutterstock
Baghdad (IraqiNews.com) – The Iraqi Ministry of Planning announced on Sunday that the inflation rate for April declined by one percent compared to March, which recorded a decrease of 0.7 percent.
The spokesperson of the Ministry of Planning mentioned in a statement that the Central Statistical Organization (CSO) recorded an increase of four percent in the annual inflation rate in April 2023 compared to the same period of 2022.
The Iraqi official added that the inflation percentage declined during April because commodity prices decreased in several sectors.
Food and non-alcoholic beverages decreased by 0.8 percent, housing costs decreased by 2.2 percent, transportation costs decreased by 1.1 percent, service fees decreased by one percent, and equipment prices decreased by 1.3 percent.
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.