By John Lee.
The official spokesman for Iraq's Ministry of Planning, Abdul Zahra Al-Hindawi, has said that Iraq has experienced stability and a decrease in inflation rates over the past two years.
In 2021, the inflation rate was 6 percent, decreasing to 5 percent in 2022, and further dropping to 4.4 percent in 2023.
He told the state-run Iraqi News Agency (INA):
"In the last few months of 2023, we recorded stability in inflation rates, as the indicators did not exceed half a percent. This is attributed to the stability and even a decrease in food prices in some stages."
He attributed this stability and decrease to the policies and measures adopted by the government, contributing to providing suitable income for the poor. Additionally, improvements in the quality and distribution of food items, the expansion of the social protection network, and the implementation of projects across Baghdad and provinces have played vital roles.
Al-Hindawi emphasized the significant role of the Central Bank of Iraq (CBI) in securing financial cover at the official rate for all food imports. The majority of importers joined the central bank's platform, ensuring financial stability and preventing the impact of exchange rate fluctuations in the parallel market on food prices.
He concluded by highlighting the importance of the central bank's success in securing financial cover for all food imports at the official rate, preventing the influence of exchange rate fluctuations in the parallel market on food prices, and contributing to the stability of inflation rates in Iraq.
(Source: INA)
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