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Specialists: The food basket was a buffer to mitigate the blow of high prices
Economical 05/05/2024
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Economic affairs specialists noted that the government’s policy of continuing to provide the food basket had benefits in alleviating the effects of the global crisis of food price inflation, urging at the same time more attention to the local industry.
Economic affairs researcher Suhad Al-Shammari told Al-Sabah: The changes taking place in the world as a result of wars and economic policies have clearly affected the global economy, and there are many countries that have suffered from high prices and inflation, for example the United States.
She added that the country's economic policy kept it from entering into such global crises, as the food basket represented a buffer wall to protect markets from rising prices and provide families with the necessary supplies.
For his part, the CEO of the Future Iraq Center for Economic Studies, Manar Al-Obaidi, stressed to Al-Sabah the necessity of supporting local agricultural industries and projects, as well as the importance of working to reduce the impact of rising material prices on the citizen and establishing a special fund to support national products.
Al-Obaidi called for the importance of reformulating the Export Support Fund law and creating a mechanism to support specific industries and not others, and then expanding this fund to the rest of the industries, which works to encourage industries, create job opportunities, and reduce the consumer bill and its impact on the lives of citizens.
He pointed out that in the first quarter of the year 2023, Iraq imported about 55 thousand tons of poultry meat from Turkey at a cost of 101 million dollars, while in the first quarter of this year it imported 52 thousand tons at a cost of 116 million dollars, indicating that the inflation barrier in Turkey had reached To about 70 percent, meaning that the prices of goods and services increased by this percentage compared to the previous year, pointing out that this rise in inflation leads to an increase in production costs for various goods, and thus raises the selling price to the consumer.
Al-Obaidi explained that inflation has two effects, the first is negative, which is that the repercussions of the rise in commodities, specifically food, affect Iraq directly and thus inflation rates rise, and the second is positive, which stipulates the creation of a competitive environment for the local product with its Turkish counterpart, especially in the food sector, and this is what the state should work on. This is done by encouraging the food industries, which are witnessing significant inflation in Turkey, and working to support these industries at this stage in the country in order to support local agricultural industries and projects, and reduce the impact of the high prices of Turkish materials on the citizen.
It is noteworthy that the Food and Agriculture Organization of the United Nations (FAO) revealed yesterday that global food prices rose for the second month in a row in April, after the rise in the prices of meat, vegetable oils and grains overshadowed the decline in the prices of sugar and dairy products.
The organization said that its price index, which measures changes in the prices of the most widely traded primary food commodities globally, recorded an average of 119.1 points in April, up from an average level of 118.8 points in the previous month.
However, April's reading was about 7.4 percent lower than the same month last year, after hitting its lowest level in three years in February.
Edited by: Ali Mowafaq
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