Inflation rate in Iraq declines in 2023 compared to 2022

Inflation rate in Iraq declines in 2023 compared to 2022

On Wednesday, the Central Bank of Iraq (CBI) announced that the inflation rate decreased in 2023 compared to 2022.

A statement from the CBI reported that compared to other countries with inflation rates as high as 30-40%, the government has achieved good price stability, according to the state news agency (INA).

In August 2023, inflation in Iraq was approximately 3.7%, down from 4.4% in August 2022, despite an increase in inflation among Iraq’s trading partners.

The inflation rate in Iran has reached 46 percent, while in Turkey, it stands at approximately 57 percent.

This reflects the CBI’s successful policy of achieving price stability and maintaining the inflation rate within acceptable limits.

The inflation rates in the United Arab Emirates and Saudi Arabia were 3.4% and 2.4%, respectively.

The Iraqi Ministry of Planning reported that the inflation rate remained stable in September.

The monthly inflation rate in Iraq remained unchanged in September compared to August, according to Abdul Zahra Al-Hindawi, spokesperson for the Planning Ministry.

The Central Statistical Organization (CSO) of the Iraqi Planning Ministry reported a four percent increase in annual inflation rate in April 2023 compared to April 2022.

In its latest report, the International Monetary Fund (IMF) expects Iraq’s annual inflation to reach 6.6 percent by 2023.

The IMF’s report revealed that Iraq’s annual inflation increased from 0.6% in 2020 to 6% in 2021.

It is expected that Iraq’s annual inflation rate will decrease to 1.6% by 2024.