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Planning announces lower monthly inflation rates
Economical 2023/05/09
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Baghdad: Nafeh al-Naji
The Ministry of Planning recorded a significant decline in the monthly inflation level in a number of sectors, most notably food commodities, transport and energy during the past two months, by seven ten percent compared to the previous month, but the annual inflation rate rose to 5.3%.
The official spokesman for the Ministry of Planning, Abdul-Zahra al-Hindawi, told (Al-Sabah) that “the annual inflation rate witnessed in the same month of last year an increase of 5.3 percent.” Their rates are at a rate of zero point seven, affected by the decrease in a number of commodity totals, foremost of which is the housing sector, which has clearly decreased, and therefore there was a decrease in the supply of water and electricity, and this has clearly affected it.
Al-Hindawi pointed out that, on the other hand, there are other departments that increased, but their impact on the general index was weaker than the impact of the departments that decreased, such as the non-transformative food and beverage department, as well as the restaurants, clothing, luxuries and other recreational indicators.
These indicators indicate an improvement in the standard of living of the population, but the annual inflation rates witnessed a rise during the period from March 2022 to March 2023 by a percentage of three percent. Regarding the reasons for the high annual inflation rate, Al-Hindawi attributed this to the global repercussions and their repercussions, in addition to the rise in the exchange rate of the dollar. against the Iraqi dinar, which caused an increase in the prices of foodstuffs and others in the Iraqi markets during the past months.
The economist, Mahmoud al-Dagher, told (Al-Sabah) that "Iraq is now going through a phase of wide change, and expectations were that the inflation rate would be higher than this official rate that was presented, and the reason for that is the nature of the discrepancy between the official exchange rate and the market exchange rate, as well About the significant increase in the volume of exported cash, which amounted to about one hundred trillion dinars, which is the size of a large monetary block that helps inflation.
He added, "Despite that, the increase in inflation for the first quarter of this year compared to last year is not significant, and this is due to the government subsidizing the prices of basic commodities for the poor classes on the one hand, and the distribution of subsidized food through the complexes and outlets of the Ministry of Commerce."
Regarding the financial and economic policies that the government should have followed to stop or mitigate this inflation, he pointed out that "the level of inflation in Iraq is actually lower than the levels of inflation in several countries and even in nearby and neighboring countries," stressing that "the policy adopted through the amendments that took place during the months The latter had a noticeable impact in reducing the gap between the low price of the dinar in the market and its official price, and narrowing the gap in the market
parallel".
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