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Al-Hindawi: The high inflation rates in Iraq are logical
Economical 10/01/2023
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Baghdad: Shukran Al-Fatlawi
The official spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, stated that inflation rates in Iraq are rising logically, as the annual rise touched the 4 percent barrier compared to the year preceding the last inflation indicators that were read, which was last July.
Al-Hindawi told Al-Sabah: Food prices in particular have witnessed stability in their rates, despite a global rise in prices, especially the prices of food and construction materials, which have witnessed an increase in their rates during the recent period, affected by the Russian-Ukrainian war and other global factors. As a result, food prices rose, especially wheat, rice, and oil, which represent the foundations of the food basket worldwide. The ministry spokesman noted that the world has been negatively affected by this aspect, so we see in most countries that there has been a wild rise in inflation rates during recent months at the level of countries in the region, not to mention that Iraq is suffering from other factors, in addition to global factors, including the high exchange rate. The parallel exchange market and these factors have side effects on the economic reality in the country.
He continued that the other factor is that the prices of foodstuffs, in particular, have maintained the stability of their prices and even decreased the rates of some of them during recent periods, attributing this decline in foodstuffs to the stability of inflation prices as a result of reasons, foremost of which is the government’s success in securing food supplies through the ration card system, which He witnessed stability in the periods of the distribution system, an increase in quantities, and an improvement in quality during recent months, pointing out that this improvement led to the stability of prices in the markets, stressing that when talking about food items distributed through the ration card, they contributed greatly to the stability of prices and even their decline. Clearly compared to what it was a year or two ago, which is the “so-called consumer reassurance” of the citizen as a result of the availability of foodstuffs in sufficient quantities and on a regular basis.He added, on the other hand, that the state, despite the high exchange rate and the existence of the parallel market, succeeded in covering all imports of food and basic supplies at the official price of the dollar, and thus it is an important step that affected the stability process, not to mention the unforeseen support provided in Purchasing agricultural crops from farmers at prices higher than international rates, which encouraged agriculture, especially the last season, as it was the first season in which Iraq witnessed a spontaneous increase in wheat production by more than 5 million tons produced during the previous season, which resulted from extensive support for farmers.
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