Annual inflation in Iraq remains low, at less than three percent, according to the Planning Ministry’s spokesperson Abdul Zahra Al-Hindawi. Despite the substantial cash flowing in the market, inflation rates are kept within acceptable ranges with the government’s determination.
In July, inflation rose by 3.7 percent compared to the previous year, while June saw a 0.6 percent increase in the monthly inflation rate. The International Monetary Fund predicts a four percent inflation rate in 2024, while Iraq’s Central Organization of Statistics and Information Technology reported a slight increase in February 2024.
Comparatively, Iraq’s inflation rate of 3.7 percent in August 2023 is lower than neighboring countries like Iran at 46 percent and Turkey at 57 percent. Despite challenges, Iraq’s economy is showing resilience in managing inflation rates within a reasonable range.
Keeping the inflation rate under control is crucial for economic stability and growth in Iraq. The government’s efforts in monitoring and managing inflation are commendable, ensuring a stable economic environment for its citizens.
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