Since the exchange rate change, the annual inflation in Iraq has risen 1,000 percent

[yota691]

Iraqi Planning: Inflation rate rose 6.8% during October

A vegetable market in Iraq - archive

 December 02, 2021 11:01 am

Mubasher: The Iraqi Ministry of Planning announced today, Thursday, an increase in the inflation rate for the month of October last by 0.4%, compared to the previous month of September, while the annual inflation rate witnessed a rise of 6.8%, compared to the same month of the year 2020 .

The official spokesman for the ministry, Abdul-Zahra Al-Hindawi, said, according to a statement by the ministry, that the Central Statistical Organization in the Ministry of Planning is continuing its digital monitoring of the price movement in the Iraqi local markets, noting that the qualitative report of the consumer price index for the month of last October showed an increase in the rate of Monthly and annual inflation.

Al-Hindawi added that the commodity groups, which had the highest rise in monthly prices and had an impact on the inflation rate, were represented by the Miscellaneous Goods and Services Department, whose prices witnessed an increase of 4.2%; Affected by the relative rise in gold prices.

The spokesman pointed out that the prices of the health department increased by 0.9%, and the prices of the supplies, household equipment and maintenance department increased by about 0.5%; As a result of an increase in the furniture and fixtures group by 0.8%, and the household appliances group by 0.3 % .

Al-Hindawi pointed out that the prices of the food, non-alcoholic beverages, entertainment and culture sections recorded a slight increase of 0.2%; As a result of the increase in the prices of meat by 2.3%, the group of bread and cereals by 0.9%, and the group of milk, cheese and eggs by 0.2%, while the prices of the two groups of oils, fats, sugar and sugar products increased by 0.1%, and the education department recorded an increase of 0.1 % .

And the monthly inflation rate in Iraq for the month of September 2021 increased by 0.7% compared to the month of August .

[yota691]

Planning announces a rise in the inflation rate during last October

 

 

Ministry of Planning building

Material uses Economy News - Baghdad On Thursday, the Ministry of Planning announced an increase in the inflation rate for the month of October last by (0.4%), while it indicated that the annual inflation rate also rose by (6.8%). The official spokesman for the ministry, Abdul-Zahra Al-Hindawi, said in a statement seen by "Al-Iqtisad News", that "the Central Bureau of Statistics in the ministry continues its digital monitoring of the movement of prices in the Iraqi local markets, and the qualitative report of the consumer price index for the month of October showed an increase in the inflation rate." monthly and yearly. He added that "the commodity totals that were the highest in monthly prices, which had an impact on the inflation rate, were represented by the miscellaneous goods and services department, whose prices witnessed a rise of 4.2%, affected by the relative rise in gold prices, and the prices of the health department recorded an increase by ( 0.9%), and the prices of the fixtures, home equipment, and maintenance section increased by (0.5%), as a result of the increase in the furniture and fixtures group by (0.8%), and the household appliances group by (0.3%). He added that "the prices of the sections of food, non-alcoholic beverages, entertainment and culture, recorded a slight increase, amounting to (0.2%)," attributing "the increase in the prices of the food section to the increase in meat prices by (2.3%), the bread and cereal group by (0.9%), and the milk group. And cheese and eggs by 0.2%, while the prices of the two groups of oils, fats, sugar and sugar products increased by (0.1%). He stated that "the education department recorded an increase of (0.1%)," explaining that "the monthly inflation rate for the month of last September increased by (0.7%) compared to August."

Views 80   Date Added 02/12/2021

[yota691]

 

The depreciation of the dinar is one of the reasons.. Iraq has the fifth highest rate of inflation in the Arab world

 

 2021-12-13 01:51

 

Shafaq News/ Iraq ranked fifth with the highest inflation rates in the Arab world, according to Forbes Middle East magazine.

The magazine said in a report seen by Shafak News Agency; "Sudan ranked first with the highest average inflation rates in the Arab countries for the year 2021, at 194.6%, compared to 163.3% during 2020, after the value of the Sudanese pound fell against the US dollar since the beginning of the year by 695%."

She added that Yemen ranked second in terms of the highest Arab inflation rates this year at 40.7% compared to 23.1% in the year of Covid-19, followed by Libya with 21.1% in 2021 from only 2.8% during the past year, and then the fourth Arab countries with an average annual inflation of 6.5% In 2021, compared to 2.4% last year.

She pointed out that "Iraq ranked fifth in the ranking of the highest inflation rates in the Arab countries, where inflation will rise to 6.4% this year 2021 from 0.6% in 2020, while inflation for 2022 will decrease to 4.5%," noting that "the rise in inflation in Iraq The recovery of domestic demand in Iraq and the devaluation of the currency resulted in inflationary pressures in the country, although the past eight years witnessed stabilization of inflation from low levels due to the decline in import prices and weak demand.

However, the statistics of the Central Bank of Iraq show that the Iraqi dinar fell 23.6% against the dollar, which was exchanged last month at a price of 1480.8 dinars, compared to 1198.4 dinars in March 2020, that is, with the outbreak of the epidemic in the region, and the inflation rate in Iraq rose by 6.8% in the month of October. Last October, according to the Ministry of Planning.

She explained that "the IMF expects Sudan, Yemen, Libya and Algeria to remain in the first four places in terms of the average annual inflation rate for 2022 at 41.8%, 31.5%, 8% and 7.7%, respectively, while Tunisia may displace Iraq from the fifth place, where inflation will reach In Tunisia, it will reach 6.4% next year, while Iraq will record 4.5%.

Tunisia, whose average annual inflation rate will rise to 5.7% this year from 5.6% last year, is in sixth place, ahead of Egypt, which comes in seventh place, where the average inflation rate for the fiscal year 2020/2021 will reach 4.5% from 5.7% in 2019/2020. .

While inflation in Kuwait will rise to 3.2% this year from 2.1% last year, the average inflation in Saudi Arabia will decline this year to 3.2% from 3.4% last year, provided that it approaches the acceptable limits at 2.2% next year, and the Sultanate of Oman ranks tenth With inflation reaching 3% this year, it is expected to decline to 2.7% in 2022.

The average inflation rate in the rest of the Arab countries will be less than 2% this year, noting that international monetary institutions such as the Federal Reserve and the European Central Bank consider the acceptable level of inflation to be 2% or slightly less.

[yota691]

Iraq is the fifth Arab country with the highest inflation rates due to the devaluation of the dinar

 

- 13-12-2021 12:18 PM - Number of readings: 5343

 

Iraq ranked fifth with the highest inflation rates in the Arab world, according to Forbes Middle East magazine.
The magazine said in a report today, Monday, that "Sudan ranked first with the highest average inflation rates in the Arab countries for 2021 at 194.6% compared to 163.3% during 2020, after the value of the Sudanese pound fell against the dollar since the beginning of the year by 695%."
She added that Yemen ranked second in terms of the highest Arab inflation rates this year at 40.7% compared to 23.1% in 2020, followed by Libya with 21.1% in 2021 from only 2.8% during the past year, and then the fourth Arab country with an average annual inflation of 6.5% in 2021 compared to 2.4% last year.
She pointed out that "Iraq ranked fifth in the ranking of the highest inflation rates in the Arab countries, where inflation will rise to 6.4% this year 2021 from 0.6% in 2020, while inflation for 2022 will decrease to 4.5%," noting that "the rise in inflation in Iraq resulted in On the recovery of domestic demand in Iraq, the depreciation of the local currency and the occurrence of inflationary pressures in the country, although the past eight years had witnessed the stability of inflation from low levels due to the decline in import prices and weak demand.

[yota691]

In numbers.. Planning announces a rise in the prices of local and imported construction materials

•  Time: 12/15/2021 14:40:13
•  
•  Reading: 793 times

  

{Local: Al Furat News} The Ministry of Planning announced today, Wednesday, the increase in the prices of imported and local construction materials during last November, compared to their prices in November of 2020.

The official spokesman for the ministry, Abdul-Zahra Al-Hindawi, said, in a statement, that "the Central Bureau of Statistics prepared its monthly report on following up the prices of construction materials imported by the private sector or produced locally," noting that "the prices of ordinary bricks amounted to (183) thousand dinars per thousand bricks. , during the month of November, recording a 31% increase over the average of the same month last year 2020, when the price was 140 thousand dinars per thousand bricks, adding, as for the price of Republican bricks, it reached (194) thousand dinars. per thousand bricks, recording an increase of (20%) over its average price in November of last year, when its price was (161) thousand dinars per thousand bricks. 

With regard to cement prices, the ministry explained, “The price amounted to (103) thousand dinars per ton, recording an increase of (14%) over the average price of November of 2020, while the price of a ton of resistant cement reached (121) thousand dinars. An increase of (6%), over the prices of the same month last year.

The average price of white cement was (195) thousand dinars per ton, recording an increase of (5%) over the average price of November 2020. The average price of iron (blinds) of foreign origin for the month of last November reached (1) million (303) thousand dinars per ton, recording an increase of (67%) over the average price of November 2020, when it was (779) thousand dinars per ton. The average price of steel (Shelman) reached (22) thousand dinars per meter, recording an increase of (47%) over the average price of November 2020 of (15) thousand dinars per meter.

Al-Hindawi pointed out that "the average price of thermiston bricks amounted to (1962) thousand dinars per thousand bricks, recording an increase of (6%) over the average price of the month of November, which amounted to (1852) thousand dinars per thousand bricks, while the prices of technical plaster recorded an increase of (11) %) during last November compared to the same month in 2021.

[jg1]

Screwballs. At the mention of raising the rate in rhe past,  they always say its going to cause inflation. 

[Wiljor]

39 minutes ago, jg1 said:

Screwballs. At the mention of raising the rate in rhe past,  they always say its going to cause inflation. 

Keeping the citizens confused and the speculators guessing @jg1  😉

38 minutes ago, jg1 said:

[horsesoldier]

Ain’t no guessing anymore...these knuckleheads are nuttier than squirrels turds. As for Inflation, this great big fat clod in the green shirt looks like he’s cultivating his own personal brand of inflation. 
This guy should be embarrassed & humiliated looking like that when so many go without.

 

Edited December 15, 2021 by horsesoldier

[Laid Back]

Here in the US we have the highest inflation in the last 31 years.!

 

LETS GO BRANDON.

[CSM (R) Thack]

52 minutes ago, Laid Back said:

LETS GO BRANDON.

Come on Man…it’s Trumps fault!!😂🤣

[dinarbeleiver]

Inflation on the dinar rate - they need to increase the rate to offset the inflation

[screwball]

2 hours ago, dinarbeleiver said:

Inflation on the dinar rate - they need to increase the rate to offset the inflation

yep and if they increase spending on reconstruction etc they will head into hyper inflation.....rate adjustment must happen

[southbeach]

Someone told me that 1M dinar is 700$ now.  Is this true?

[WheresmyRV?]

23 minutes ago, southbeach said:

Someone told me that 1M dinar is 700$ now.  Is this true?

Wow if true I would love to find where I can purchase a million at that price.

["Fred"]

2 hours ago, southbeach said:

Someone told me that 1M dinar is 700$ now.  Is this true?

Exchange of America it’s still at 1,175.00 per mil 

[NickL]

3 hours ago, southbeach said:

Someone told me that 1M dinar is 700$ now.  Is this true?

 

I just checked ebay and found 1 mil for $995.00.

[southbeach]

Actually, he said the CBI adjusted the rate down to where dinar would be 700$ per million, but apparently the exchangers in the US cities continue to sell it in the 1,100$ per million range.

[yota691]

Expert: The Government's Economic Decisions Are Risky

 

LAST UPDATE 12/16/2021 | 2:51 PM

Information/Baghdad.

The expert in economic affairs, Ahmed Abdel Ali, confirmed today, Thursday, that the current government’s decisions, including economic reforms, are fraught with risks, as they are immediate, not far-reaching decisions in light of fluctuations in international oil prices.

Abdul Ali said in a statement to the "Information" agency, that "the current government's decision to amend monetary policy, including raising the exchange rate of the dollar against the Iraqi dinar, is an ill-considered decision that greatly harmed large groups of people, as it raised the value of prices in the markets and led to a weak purchasing power of citizens. “.

He added, "The rise in the exchange rate also led to the disruption of the work of local factories in the country, as it buys raw materials in US dollars from abroad," noting that "Iraq needs a radical reform of the economic management system to face challenges, including the decline in oil prices."

Abdul Ali pointed out that "the devaluation of the Iraqi dinar at a significant rate against the US dollar is the highest since 2003, and it has resulted in many problems that have affected large groups of society."

He noted that "the Iraqi economy is based entirely on oil revenues at a rate of 95%, and in the last two years the economies of the major and industrialized countries began looking for an alternative to oil." End / 25 BC

[SONIA1]

Nothing will happen this year. For those that are waiting sorry !!!  If you follow pattern for CBI  you will see that rate  changed was always been around December or January...for us we need to see Cbi talking about lifting zeros. So when they talk about changing rate they mean 1190 1160 1400 etc...That doesn't help us as investors .we need to see decisions from cbi on lifting zeros. SO in my opinion nothing will happen this year unfortunately we have to wait until December 2022 to find out. Good luck to all of us.

[GreedyDinar07]

SONIA I agree with you 100%!! Same ole BS for 18 years!!

[HowieC]

59 minutes ago, SONIA1 said:

Nothing will happen this year. For those that are waiting sorry !!!  If you follow pattern for CBI  you will see that rate  changed was always been around December or January...for us we need to see Cbi talking about lifting zeros. So when they talk about changing rate they mean 1190 1160 1400 etc...That doesn't help us as investors .we need to see decisions from cbi on lifting zeros. SO in my opinion nothing will happen this year unfortunately we have to wait until December 2022 to find out. Good luck to all of us.

 

Right.........The CBI is going to que us on the exact timing of the revalue. Read the news....look at the entire picture, and what's actually happening.

[Dretown39]

Well what I've learned the CBI can add value to their currency whenever they choose. Doesn't matter what month it is. Kuwait reinstated theirs in March of '91. 

[SONIA1]

5 hours ago, Dretown39 said:

Well what I've learned the CBI can add value to their currency whenever they choose. Doesn't matter what month it is. Kuwait reinstated theirs in March of '91. 

Not true also Kuwait never devalue. Kuwaiti dinar lost value inside the country only but if you look at the imf you will see that Kuwaiti never devalue...SO that was a miss info too..

[Dretown39]

1 hour ago, SONIA1 said:

Not true also Kuwait never devalue. Kuwaiti dinar lost value inside the country only but if you look at the imf you will see that Kuwaiti never devalue...SO that was a miss info too..

Well if it was reinstated then a devaluation had to have occurred!

[SONIA1]

2 minutes ago, Dretown39 said:

Well if it was reinstated then a devaluation had to have occurred!

I never said reinstated...