Iraqi Planning Ministry reports inflation dip amid annual rise, signals economic stability

Shafaq News/ The Iraqi Ministry of Planning announced on Sunday a decline in the monthly inflation rate for November 2024, alongside a year-over-year increase in the annual rate, signaling that inflation in Iraq remains under control despite broader economic challenges.

Inflation, a key economic indicator, reflects the impact of various economic activities in the country. It demands consistent monitoring and evaluation by regulatory bodies to ensure precise and reliable data that mirrors Iraq's economic conditions.

Abdul Zahra Al-Hindawi, the Ministry’s spokesperson, told Shafaq News, "Monthly inflation for November decreased by 0.3% compared to October, driven by lower prices for essential goods, including fish, meat, eggs, oils, and juices, while annual inflation rose by 4% compared to the same month in 2023."

"The monthly decline is primarily due to support from the government’s food basket initiative, which supplements key items through the ration card system," Al-Hindawi added, noting, "Additionally, imports priced at the Central Bank of Iraq's official exchange rate remained insulated from fluctuations in the parallel market rate."

"Iraq's inflation is neither excessive nor alarming, especially when contrasted with other countries experiencing severe economic instability. In some nations, inflation rates soar to 50% or 80%, as seen in Turkiye, Egypt, and Lebanon, significantly disrupting their economic stability," he remarked. "In Iraq, the rise in inflation is logical and reflects controlled economic conditions."