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Consumer reassurance
Economical 09/21/2023
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Abdul Zahra Muhammad Al-Hindawi
The world was greatly affected by the repercussions of the Russian-Ukrainian war. After all expectations that it would end within several months failed, there is no longer any hope of an immediate breakthrough for this global crisis, which in turn led to the creation of severe regressive crises, represented by a stark rise in the prices of food and construction materials at the global level. This is because the two warring countries are considered among the main sources of export of wheat and oil to many countries in the Middle East, including Iraq, which has led to a remarkable rise in the prices of these two materials in global markets, to the point that the price of wheat has doubled one and a half times what it was before the war. Which led to the severing of supply chains between the East and the West, which prompted merchants to search for alternative methods and sources to ship goods, which was another reason for the rise in prices. Naturally, such price increases lead to high inflation rates globally, and this is what actually happened, as Many countries have seen a runaway rise in annual inflation, as a result of the presence of inflationClear monetary versus overwhelming commodity scarcity.
As for Iraq, the scene looked completely different, as our inflation rates had not witnessed such a rise as the world has witnessed since the start of the war in Eastern Europe... Yes, it is true that there was a rise in the rate during the aforementioned period, but it was logical, as it did not exceed In any case, the percentage (7 percent) may seem high in light of the circumstances that affected Iraq, which are internal and external conditions, such as changing the exchange rate, the parallel price, the global rise in prices, the presence of a large monetary mass being circulated in commercial and market transactions, and such. The factors could have led to an increase in inflation rates at rates much higher than what is monitored in the field, but on the contrary, even the rise rates began to decline, at the annual level, while a decrease in inflation was recorded during the past months, as a result of the decline in the prices of the food sector in particular.
Here comes the question, why this drop in prices? Isn't Iraq part of the world, where most countries are now suffering from economic inflation problems? Millions of tons, although it is small compared to the cultivated areas and the yield of one dunum. According to these factors, the inflation rate is expected to remain maintained at its current levels, with a tendency to decline slightly in the coming months, with the continuation of current policies.
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