Iraqi Inflation Rises in January

The Ministry of Planning and Development has reported that the inflation rate increased by 2% in January, bringing the rate to 5.8%.

Abdul Zahra al-Hindawi told AKnews that the reasons behind the high inflation rate are higher rents and increases in the prices of imported food.

The Ministry of Planning and Development in Iraq suggested on Sunday that the federal government postpone the new customs law, which was passed last week and will be implemented in March.

The Iraqi government issued a decree in January to improve the system of customs on imported goods starting from next March.

The President of Council of Ministers has the right to amend the law if the Finance Minister requests it, said the report.

“The annual inflation rate reached 5.8% since last year, and it should be stabilized during the next phase”, Hindawi added.

(Source: AKnews)

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