Inflation Rises to 3.2% in October

An official from the Central Bank of Iraq said on Monday that the core annual inflation rate in Iraq jumped to 3.2 percent in October, from 1.9 percent in September, due to rising costs of housing, water and electricity. Spending on fuel is excluded from the calculations.

"The inflation rate is still under control", senior central bank adviser Mudher Kasim said. According to World Bank figures, the rate of inflation in Iraq had stabilized at 1.9 percent in August and September.

The central bank aims to ease monetary policy and the promotion of bank credit in order to encourage investment and economic growth in the non-oil sector. And excludes the central bank  when calculating the rate of core inflation.

(Sources: Reuters, XE)

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