Iraq’s core annual inflation slipped to 3.1 percent in November from 3.2 percent in October and is likely to be at a similar level in December, a central bank official said on Tuesday.
Reuters reports that Mudher Kasim, a senior adviser at the Central Bank of Iraq, said inflation was driven mainly by higher housing, water and electricity costs. He said he expected inflation in December to be at a similar rate to November.
‘The basic annual inflation rate for November is at 3.1 percent. This inflation figure is considered normal when compared to the conditions in Iraq.”
Core inflation, as defined by the central bank, excludes fuel prices.
Iraq is battling to revive an economy damaged by decades of war and economic sanctions. To help spur investment and growth, the central bank has tried to relax monetary policy and encourage bank credit.