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Specialists indicate the presence of “slight” enlargement and determine treatments
Economical 03/12/2024
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Baghdad: Haider Falih Al-Rubaie
Experts and specialists in economic affairs diagnosed a slight increase in inflation rates, resulting mainly from the fluctuation of the exchange rate, which led to an increase in the costs of some foodstuffs coinciding with the approaching of the holy month, and while they determined that inflation rates would reach 4.5%, they confirmed It is the lowest percentage compared to neighboring countries. At the same time, they suggested involving government agencies in commercial “competition” with the private sector, by opening more marketing outlets to control prices and limit their rise.
Despite the slight increase in price rates, “the International Monetary Fund praised the economic stability witnessed by Iraq and the ongoing movements to support social protection,” stressing during a recent meeting that brought together the Minister of Finance, Taif Sami, with experts from the Fund that “the remarkable progress in maintaining economic stability The financial sector is represented by lower inflation rates and an improved balance of payments, as well as stimulating economic diversification and creating job opportunities led by the private sector.”
In the midst of this, Deputy Governor of the Central Bank, Ammar Khalaf, said, during the opening of the eighth annual exhibition and conference for finance and banking services, that the country faced during the past year a series of challenges, but the Central Bank faced them with high responsibility, as it was able, through various monetary policy tools and sound decisions, to achieve its goals. Decided in his law, in addition to achieving the general level of prices, by reducing the inflation rate, which reached 7.5 percent at the beginning of the year 2023 and decreased at the end to 4 percent.
The Ministry of Planning allocated “Al-Sabah” to report on price rates, as the data showed increases in annual inflation rates during January 2024 compared to the same month last year, represented by the food and non-alcoholic beverages section recording an increase of 0.8%, mainly resulting from an increase in food costs by about 0.9%. %, which includes an increase in the prices of meat by 13.0%, sugar products by 4.8%, and fish by 4.2%.
The report issued by the Central Bureau of Statistics of the Ministry of Planning also recorded an annual increase in tobacco prices by 7.1% and another increase in the communication section by 11.4%, while health prices rose by 3.3%, the entertainment and culture section by 9.9%, and the education section by about 4.2%.
In turn, the economic expert, Abdul Rahman Al-Sheikhli, believes during his talk to “Al-Sabah” that “the rise in the (slight) inflation rate is a temporary matter that may be related to the approaching advent of the blessed month of Ramadan,” stressing that “government measures to open marketing outlets for citizens will work to reduce those
rates .” ".
The expert Al-Sheikhli also expected that these inflationary indicators would not continue to rise in the future, citing the government’s economic moves, which were widely praised by the International Monetary Fund during its latest report, during which it indicated a decline in general inflation in Iraq at an acceptable rate compared to
previous years.
The economic expert, Manar Al-Obaidi, pointed out that “the rise in prices is due to global and local reasons, as the rise began globally since the Corona pandemic, which caused a global demand for various goods, and it led to an increase in prices and an increase in the value of shipping between countries, and then this was accompanied by war.” Russian-Ukrainian, especially since a large portion of foodstuffs originate from Russia and Ukraine, and this also has an impact, in addition to the recent crisis in Palestine and the threat to global trade.”
As for the internal reasons, Al-Obaidi goes on to say that “the rise in the exchange rate of the dollar against the dinar raised prices in parallel, as well as the scarcity of locally produced goods, especially foodstuffs, due to climatic factors that led to a decline in agriculture and a lack of supply compared to the rise in demand as a result of population density, and this leads to raising prices.” ".
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