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Planning reveals the size of cumulative inflation in Iraq: natural and not unbridled
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The Ministry of Planning revealed, on Wednesday, the size of the cumulative inflation in Iraq and its causes, considering that it is normal and not unbridled.
The official spokesman for the ministry, Abdul-Zahra Al-Hindawi, said in a press interview, "The inflation index rose in Iraq after changing the exchange rate of the dinar against the dollar last November, by 4 percent on a monthly basis."
Al-Hindawi added that "inflation indicators continued to rise after that, but the rise was small and did not exceed 1%, bringing the cumulative rate for the month of August to 8% compared to the same month last year."
Al-Hindawi stressed that "the rise in inflation in Iraq, according to these data, is natural and not unbridled," adding that "inflation in all economies of the world is currently on the rise."
He pointed out that "the rise in inflation comes from the decline in local currency prices, the volume of investments and the development data in the country. A country that has large investments has high inflation indicators because it has a movement of development and investment."
He added that "inflation is sometimes unruly and dangerous to the economy and leads to recession and economic deterioration if the currency deteriorates, as happened in Lebanon recently."
It is noteworthy that the inflation index in Iraq rose significantly at the end of last year as a result of the devaluation of the Iraqi currency against the dollar, which led to a rise in the prices of goods and services.
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