Inflation hits 7.6 in August

Iraq's core annual inflation (which excludes expenditure on fuel) increased from 7.1 percent in July to 7.6 percent in August, according to Reuters, driven mainly by higher prices of food and clothes over the Muslim holy month of Ramadan.

Central Bank Deputy Governor, Mudher Kasim, told the agency that the higher price of gold in the local market and an increase in the cost of services had also pushed inflation up.

Finance Minister Rafie al-Esawi [Issawi] (pictured) said this month Iraq aimed to keep inflation at 5 percent in 2012.

Deputy Governor Ahmed al-Buraihi said in June the country's core annual inflation rate was not expected to exceed 7 percent in 2011.

(Source: Reuters)

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