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Two experts: Food prices are stable thanks to government support
Economic 2024/09/11
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Economic experts believe that the rise in prices in local markets has not affected food products provided by the Ministry of Commerce as part of efforts to support food security in the country, while they called for the necessity of adopting a pricing policy that balances the market reality and is in harmony with an import and export policy that maintains the stability of local markets.
Economic researcher Suhad Al-Shammari told Al-Sabah that Iraq is one of the few countries in the world that has not witnessed significant inflation in food prices, noting that the Iraqi government seeks to build on this positive development and control the high price of the dollar in the Iraqi markets.
She added that "the government's successful policy of supporting Iraqi families with a diverse food basket in a stable manner contributed to increasing the supply of basic food items in local markets, and thus there was no increase in the prices of these items in local markets, especially rice, sugar, flour, oil and other items within the food basket."
For his part, economic affairs expert Ahmed Maklaf Ezz explained to “Al Sabah” that the rise in prices from time to time, even if it is relative in some items, is due to the decline in the purchasing power of the local currency, due to the rise in the dollar exchange rate in addition to global inflation.
He added that “the world is witnessing continuous turmoil and challenges, especially in recent years, which has raised production costs to high levels that were not in the calculations of international manufacturers, in addition to transportation, the costs of which have increased several times and have begun to affect prices and raise them to previously unfamiliar levels.” Ezz called for supporting local production efforts of some basic materials, indicating that prices decline significantly during peak times, while they rise after the season, which calls for adopting a pricing policy that balances the reality of the market and is in harmony with an import and export policy that maintains the stability of local markets. According to international reports, global economic growth rates are expected to slow this year and next by about half a percentage point compared to the average of the middle of the ten years prior to the Corona pandemic.
However, average commodity prices in 2024–25 are expected to remain about 40% higher than 2015–19 levels.
For example, energy and food prices are expected to decline, but remain around 40% and 30% above the 2015-19 averages, respectively. Base metals prices are expected to rise slightly this year and next, by around 40% compared to 2015-19.
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