Iraq records fresh slowdown in inflation for October

Shafaq News – Baghdad

Iraq’s monthly and annual inflation rates declined in October, the Ministry of Planning said on Saturday, indicating ongoing price stability in the oil-dependent economy.

In a statement, ministry spokesperson Abdul Zahra Al-Hindawi reported a 0.3% month-on-month drop and a 0.5% year-on-year decrease. The fall was driven mainly by a 0.5% decline in food and non-alcoholic beverages, with fish prices down 4.9% and fruit prices down 2.4%. Housing costs also fell 1%.

Other categories saw minor fluctuations, while some remained unchanged, he added.

Iraq’s annual inflation rate stood at 2.6% in 2024, compared with 4.4% in 2023 and 5% in 2022.

Housing, water, electricity, LPG, food, and non-alcoholic beverages make up more than 61% of Iraq’s Consumer Price Index basket, according to FX Empire. Declines in both sectors were key drivers of October’s overall decrease.

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