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Securing food basket items curbs price hikes
Economic 10/23/2024
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A few days ago, the Ministry of Finance dispelled fears that Iraq would be economically affected by the current conflict in the region and its impact on oil prices. While it reassured citizens that financial allocations for the ration card and food basket would be available for the next six months, two economic experts considered that providing the ration card items had contributed significantly to maintaining food prices.
In an interview with Al-Sabah, Suhad Al-Shammari, an economic expert, pointed out the “importance of the food basket provided by the ration card,” indicating that it “has achieved a balance in food prices in the market so far, and has protected the Iraqi family with limited income from the scourge of poverty.”
Al-Shammari added that "the Ministry of Finance, in cooperation with the Ministry of Commerce, was keen to provide the financial allocation for the ration card for the next six months," noting that "Minister Taif Sami's statement is a message of reassurance and confirmation of the government's efforts to preserve the most important requirements of the family, and that the provision of food supplies continues at the same pace."
She pointed out that "the problems caused by regional tensions, the closure of roads due to the war in the region, and the threat of attacking ports, all these circumstances prompted the Ministry of Trade to develop a plan to reduce their effects by providing food supplies for the coming months," noting that "the World Bank confirmed earlier that Iraq is one of the few countries in the world that did not witness significant inflation in food prices during 2023, as a result of the government's effort to control the rise in the dollar price, and what it provides of food basket items at a subsidized price."
In turn, the economic researcher and consultant, Imad Al-Muhammadawi, saw that “the inflation rates in the country reached about 4% according to official statistics,” indicating that it is “a very moderate rate that is reflected in the country’s pricing policy, and is consistent with market conditions and the purchasing power of the consumer.”
Al-Muhammadawi added to Al-Sabah that “the ongoing conflict in the region is negatively reflected on market conditions, especially oil and energy prices, which are witnessing fluctuations that have repercussions on the global economy in general, and on the Middle East region in particular,” noting that “price fluctuations between rise and fall relatively affect the purchasing power of the consumer.”
He considered the statements that include securing financial allocations for the food basket as "positive", indicating that they are "a message of reassurance to the citizen amidst the huge amount of fears that accompany regional tensions and conflicts, and close the way to the possibility of raising the prices of consumer goods."
Finance Minister Taif Sami said in a statement a few days ago that “oil price fluctuations have caused a problem in revenue generation,” calling on “the Finance Committee to assist the ministry in the non-oil revenue problem with the regional government, as it has not delivered its oil revenues to the state treasury since the Federal Court issued a decision to pay the salaries of Kurdistan employees.”
The Minister of Finance had announced "securing financial allocations for the ration card and food basket for the next six months," indicating that "the improvement in oil prices has naturally been reflected in financing, as we will release more than 400 billion dinars from the governorates' allocations."
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