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Prices and inflation are worrying citizens
Economical 2023/01/26
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With the continued fluctuations of the exchange rate of the dollar against the national currency, which lost 10% of its value, the capabilities of the Iraqis decrease, especially the employee segment, and with it the high prices locally linked to the global stock exchange, which results in cumulative inflation of the Iraqi economy, which is believed to have reached about 5.3% since the end of 2022. .
A direct equation between the high global economic inflation index and the domestic inflation in Iraq. The higher the inflation rate in the world, the more the country will be affected by it.
Economist Hakim Uriel Al-Jabri told Al-Sabah: "Between 5-6% is the rate of local inflation that rose, affected by the repercussions of global crises such as the (Covid-19) pandemic, and then the Russian-Ukrainian war and others."
He added, "This inflationary increase is due to a number of reasons, the first of which is due to the global rise in prices at the level of foodstuffs and construction materials, in addition to the presence of a large monetary mass that is traded in the markets." Al-Jabri pointed out, "In addition to that inflation, Iraq's rentier economy is affected by fluctuations in global markets despite the recovery in oil prices. Crisis traders were the cause of this rise and those crises at home, so that prices rise to more than the rate of inflation itself and even more than the indicator of the dollar's rise in our local markets." ".
For his part, academic Muhammad Samir Dherib believes that "all the reasons that raised the rate of inflation previously, such as the rise in demand, lack of supply, and the difference in global prices for currencies and the dollar against national currencies, have risen more due to the issue of increased demand, lack of equipment, and high prices of fuel and transportation."
He added, "All of these indicators raised the price bill and reduced the purchasing power of all national currencies. Therefore, supporting vulnerable classes and preventing the extension of the crisis lies in supporting basic and consumer goods and products and expanding the inclusion of families in development projects such as social protection and others." Dherb pointed out that "the government's intervention measures in this regard are very important, as they demonstrate the presence of its agencies when necessary, their protection for the citizen, and their control and regulation of the market decisively, completely, and without dust, which makes the citizen feel safe."
With the Ministry of Finance's assurances that the rise in inflation in Iraq is caused by global inflation, in addition to the repercussions of raising the price of the dollar, however, protecting the fragile and affected classes may contribute to alleviating the crisis.
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