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

[Dretown39]

46 minutes ago, SONIA1 said:

I never said reinstated...

I never said devalued at first until you brought it up. I'm speaking on what happened & that a country can add value anytime they want too.

Edited December 18, 2021 by Dretown39

[jcfrag]

On 12/15/2021 at 11:23 AM, Laid Back said:

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

 

LETS GO BRANDON.

I went to the Dollar Tree Store last week and everything there is now $1.25! Does that mean inflation is up 25%??   😂🤣

[JonnyV]

6 hours ago, jcfrag said:

I went to the Dollar Tree Store last week and everything there is now $1.25! Does that mean inflation is up 25%??   😂🤣

 

It means that Dollar Tree sucks.  Go to Five and Below and get ripped off for crap they charge you more for.  😂 

[dinarbeleiver]

I reckon they will revalue at some point in 2022 when the sanctions are lifted and they enact the oil and gas law 

[southbeach]

1 hour ago, dinarbeleiver said:

I reckon they will revalue at some point in 2022 when the sanctions are lifted and they enact the oil and gas law 

Yes sir.

[screwball]

5 hours ago, dinarbeleiver said:

I reckon they will revalue at some point in 2022 when the sanctions are lifted and they enact the oil and gas law 

Has nothing to do with oil and gas law because they are operating under the old national oil company, which nationalises their oil for the people....the new so called HCL once again was written by a company called bearing point hired by bush to rip them off....that’s why oil company’s are pulling out....the new agreements are revenue sharing agreements...

[screwball]

There are final amendments for the National oil Company Law....to be voted on but doesnt impact on rate chnaGe..

[yota691]

 

Planning announces a rise in the monthly and annual inflation rate for the month of November

 

 2021-12-21 05:40

 

Shafaq News/ The Ministry of Planning announced today, Tuesday, an increase in the monthly inflation rate for the month of last November by 0.5% and an annual increase by 8.4%.

The Central Statistics Agency of the Ministry said in a statement received by Shafak News Agency; The "inflation rate for the month of last November increased by (0.5%), compared to the previous month of October," noting that "the annual inflation rate for the month of November for the year 2021 compared to the same period of last year 2020, witnessed an increase of (8.4%)". ".

He added, "The Central Bureau of Statistics, through the Index Numbers Section, prepares a monthly report on consumer price indices, which includes field follow-up of price variables, for more than (333) goods and services in all governorates, representing (88%) of the volume. The total expenditure of the Iraqi family on goods and services.

He pointed out that "the commodity totals, which were the highest in the monthly prices for the month of November compared to October of the year 2021, recorded the miscellaneous goods and services department, an increase of 3.7 percent, and the clothing and footwear department recorded a rise of 2% due to the increase of the shoes group by 2.6 percent. and clothing by 19%.

He pointed out that the home furnishings and equipment section increased by 1.1%, due to an increase in household appliances by 1.2% and the furniture group by 0.9%.

[yota691]

The monthly inflation rate in Iraq increased by 0.5%

 

Baghdad markets

money and business Economy News - Baghdad The Ministry of Planning announced, on Tuesday, a slight increase in the inflation rate during the month of last November, where the rate of increase was (0.5%), compared to the previous month of October, while the annual inflation rate witnessed an increase by (8.4%), compared with the same month of last year 2020. 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 its new monitoring of the price movement in the Iraqi local markets, prepared its qualitative report on the consumer price index last November, which showed a rise in Monthly and annual inflation rate. He added that "commodity totals, which had the most increase in monthly prices during the past month, were: the miscellaneous goods and services department, which recorded an increase of (7.3%), while the clothes and shoes department recorded an increase of (2%) due to the increase of the shoes group by (0.2%). ) and the clothing group by (2.5%), and the household supplies, equipment and maintenance department recorded an increase of (2.2%) due to the increase in the household appliances group by (1.2%) and the furniture and fixtures group by (0.9%). For his part, the Health Department recorded, according to Al-Hanadawi, "an increase of (2.5%), and the restaurants and hotels section increased by (2.2%), while the Transportation Department recorded an increase of (2%), and the Food and Non-Alcoholic Beverages Department recorded an increase of (2.7%). ) due to the increase in the prices of meat groups by (2.4%), the vegetables group by (2%), the same percentage (2%), the oils and fats group increased by (0.4%), the sugar and sugar products group increased by (2.7%) and the bread and cereals group by (2%).

Number of views 120,   date added 12/22/2021

[yota691]

 

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

 

 2021-12-25 01:18

 

 

Shafaq News/ The American "Global finance" magazine revealed that the annual inflation in Iraq rose to nearly 1000% in one year.

And the magazine stated in its table of 191 countries that were included about the inflation rates in these countries, seen by Shafak News Agency, that "the annual inflation of Iraq for the month of October 2021 rose to 6.4% compared to the same month of last year 2020, which amounted to 0.6%, with an increase rate of 966.67%".

She added that "inflation also rose from the same month of 2019, in which the annual inflation was 0.2%," noting that "Iraq ranked fifth in the Arab world in terms of high inflation after Sudan, where annual inflation reached 194.6%, and Yemen 40.8 %, Libya 21.1%, Algeria 6.5%", while the lowest Arab countries in terms of annual inflation were Bahrain, at 1%."

Globally, Venezuela came first with the most annual inflation with a rate of 2,700%, followed by Sudan with 194.6%, then Zimbabwe with a rate of 92.5%, while the most declining country in its annual inflation was Samoa with a decrease of -3%, preceded by Comoros with a decrease of -1%.

The magazine's report noted that "Afghanistan, Argentina, Lebanon, Somalia and Syria" are not included in the table because there are no statistics for these countries.

Continuing inflation may end up in stagflation where economic growth slows, unemployment remains high, inflation remains at high levels, and what is (much) worse, although very uncommon, is the specter of a hyperinflation scenario, where prices grow unsustainably Control it which leads to a depreciation of the currency.

The American magazine concluded its report by saying that "reducing inflation does not mean that prices will return to what they were before, as it will stop growing at an accelerated pace."

It is noteworthy that the annual inflation in Iraq rose significantly after raising the exchange rate of the dollar in the budget for the current year 2021, to equal every 100 dollars 145 thousand dinars, after it was 121 thousand.

[horsesoldier]

Hope they’re proud. 

[yota691]

In 2021.. Planning talks about positive indicators for the Iraqi economy

Economy |   11:55 - 27/12/2021

 

 

 

 

Baghdad - Mawazine News
The Ministry of Planning announced, on Monday, the rise in positive indicators of the economy in the year 2021, while identifying factors to increase the movement of the economic wheel.
Ministry spokesman Abdul-Zahra Al-Hindawi said, in an interview with the official agency, that "the increase in the prices of goods and commodities worldwide came due to the interruption of the supply chain between the countries of the world, which led to a scarcity of materials and an increase in demand for them, whose price will certainly rise."
Regarding economic indicators and readings after changing the exchange rate, and Iraq’s reliance on the local product, Al-Hindawi explained, “The reading and the emergence of results will be after two years at least,” noting that “the return of life to normal and the suspension of the ban measures related to Corona, contributed to the rotation of economic activity in a way.” general".
He stressed, "All economic development movement has positive results and effects on reality," noting that "the ministry has not prepared a report on economic indicators during the year 2021 because the year has not ended yet, but there is an improvement in many joints."
He pointed out that "all the projects that were suspended, work has resumed, as the government projects that were suspended due to the financial and economic crisis," stressing that "the movement of these projects generates job opportunities."
He added, "Those who lost their jobs in the past year 2020, returned to it, which helped in the economic movement, as well as many projects in the private sector, in the field of housing and in other fields, and they began to work, all of these are positive indicators in the year 2021."
And Al-Hindawi, that "inflation is calculated according to indicators, including the rise and fall of the local currency, the increase in demand for goods from existing goods and the presence of a monetary mass in circulation, as well as what prices are witnessing worldwide."
He concluded, by saying that "inflation in all countries has risen, as a result of the rise in food prices in the global market, and the interruption of the supply chain between countries due to the pandemic." Ended 29/A 4

[yota691]

Because of the "curse of the dollar"... an economic stagnation hits the markets of an Iraqi governorate

 

296 Economie 12/28/2021 14:47 Baghdad today -

Diyala Traders in Diyala complained, today, Tuesday, of an economic recession that has weakened purchasing power by more than 35% due to the curse of the dollar. Muzahim Al-Obaidi (one of the traders) said in an interview with (Baghdad Today), that "the markets in Baquba and the rest of the cities of Diyala depend on an important principle, which is purchasing power. Iraqi dinar. He added that "the purchasing power of citizens has decreased by 35% and more, especially for foodstuffs, but the percentage is much higher for household and electrical items, especially since the dollar has caused a remarkable increase in prices." As for the merchant, Aziz Al-Azzawi, he indicated that "95% of customers were negatively affected by the increase in the dollar, pointing out that the food markets depend mainly on simple and middle-income segments to purchase their daily needs, but with the exacerbation of the price escalation crisis due to the dollar's exchange rate remaining in its general position, it decreased." The demand for purchase because the economic situation is very difficult." He added, "The credit selling has returned strongly to the retail markets, referring to the markets in neighborhoods and alleys because the living situation is very difficult, stressing the need to pay attention to the danger of exacerbating the crisis of poverty and unemployment in society." While a member of the Economy Committee in the dissolved Parliament, Nada Shaker, admitted that “there is a great economic recession and stagnation in the Iraqi markets due to the repercussions of raising the dollar and devaluing the Iraqi dinar,” stressing that “the decision was taken to bridge the large gap created by corruption and devouring public money from several sectors.” in the Iraqi state. And she added, "Raising the dollar created severe poverty, and this matter represents a warning bell that has severe repercussions in raising crime rates of all kinds, stressing the need for the next government, if it is formed, to have a new vision regarding dealing with the economic file, especially reconsidering the dollar exchange rate."

[yota691]

Economie

PLANNING DETERMINES THE CAUSES OF INFLATION IN IRAQ

 

Wed, Dec 29, 2021 2:45 PM

Baghdad/National News Center

Today, Wednesday, the Iraqi Ministry of Planning attributed the causes of inflation in Iraq to two main reasons: import and the high exchange rate of the dollar against the local currency.

The official spokesman for the ministry, Abdul-Zahra Al-Hindawi, said in a press interview, "The reasons for the high inflation in Iraq are due to external and internal reasons."

And he indicated that “all countries of the world are witnessing problems in the shortage of some materials and scarcity in others, and thus led to a rise in their prices globally, such as construction and food materials, and the interruption of supply chains between countries of the world, which led to the rise in inflation indicators worldwide, whether in Russia or America and even in The countries of the region are currently facing the same problem because their economies are linked to global markets, whether they are foodstuffs or others.”

Al-Hindawi added that “indicators of inflation in Iraq as an economic system are part of the global economic system, especially since many materials, whether construction or consumer ones, are imported, and as a result, they witnessed an increase in prices at their general rates, especially imported foodstuffs.”

He pointed out that "the other reasons that led to the rise in inflation in Iraq are the large consumer demand for materials and the presence of a large monetary mass that moves within the Iraqi market, in addition to the rise in the value of the dollar and the depreciation of the dinar, which basically contributed to the high rates of inflation."

For his part, the economic expert, Dergham Muhammad Ali, confirmed to Shafaq News Agency that "the increase in the annual inflation volume for the past month came based on the consumer exchange rate, which is affected by the high prices of foodstuffs whose prices are high globally."

He added, "The other reasons are the cumulative effects resulting from the delay in approving the budget and forming the government, which creates a state of anticipation in the market that results in an economic recession that causes a rise in the consumer exchange rate."

The Central Bureau of Statistics had announced the increase in annual inflation in Iraq for the month of November to 8.4% compared to the same month last year.

[SocalDinar]

Import reliance and devaluation contributed to the growing inflation rate in Iraq, official says

 2021-12-29 04:12  

https://shafaq.com/en/Economy/Import-reliance-and-devaluation-contributed-to-the-growing-inflation-rate-in-Iraq-official-says

 

Shafaq News/ Spokesperson to the Iraqi Ministry of Planning Abdul-Zahra al-Hindawi attributed the hiking inflation rates in the country to import reliance and the high exchange rate of the U.S. dollar against the domestic currency.

 

In a statement to Shafaq News Agency, Abdul-Zahra said that both "internal and external factors" contribute to the growing inflation rates in Iraq.

 

"Shortage of some commodities and the rarity of others, like foodstuff and construction material, brought their prices higher. This, in addition to supply chains strains, led to a surge in inflation indices worldwide. The United States, Russia, and even the countries of the region are coping with the same struggle because their economies are linked to the international market."

 

"The high demand on those commodities and the huge monetary cluster commuting inside the market, in addition to the already devaluated dinar, are pushing the inflation rates upwards."

 

The economic expert, Dergham Mohammad Ali, told Shafaq News Agency, "the inflation rate's surge last month was fueled by the rise of the consumer's exchange rate, which is in turn influenced by the global rise of basic commodities prices."

 

"The cumulative impact of the delay of the budget and government formation, and the consequent hesitation of suppliers, creates a state of stagnation, sending the consumer's exchange rate to further heights."

 

Earlier this month, Iraq's Ministry of Planning said that the monthly inflation rate rose by 0.5% in November, compared to the previous month.

 

"November 2021's report demonstrated an 8.4% rise in the inflation rates compared to the same period in 2020," the Ministry said.

 

The Ministry's Central Bureau of Statistics said in a statement that it continuously monitors the price movement of basic commodities, which accounts for 88% of the Iraqi family's expenditures, via its monthly reports.

 

Miscellaneous commodities were the top boost of the regular family expenditures in November by 3.7%, according to the report. Clothes (19%) and shoes (2.6%) grossed a 2% rise altogether.

 

Household material prices rose by 1.1% in total; furniture and appliances prices went up by 0.9% and 1.1%, respectively.

[yota691]

Specialists warn: inflation will undermine development processes

Thursday, December 30, 2021 450

  Baghdad: Haider Falih Al-Rubaie 

Specialists in economic affairs expressed their fears of the continued growth of inflation rates, whose annual rate rose to 8.4%, indicating that the continued increase of these rates could directly affect sustainable development processes, and create more economic disruptions, and while they attributed the reasons for that increase to a change The exchange rate, the weak local production in Iraq, and the almost total dependence on imported goods and materials, stressed the need to resort to the tools of the two policies (financial and monetary) in the event of continued increase in inflation rates, especially controlling cash flow, reducing government spending rates, and increasing interest rates. imposed by banking institutions.

 

 

The Ministry of Planning announced, during a statement received by {Al-Sabah}, that there was a slight increase in the inflation rate during the month of last November, where the rate of increase was (0.5%), compared to the previous month of October, while the annual inflation rate witnessed a rise by 

(8.4%), compared to the same month last year 2020.

 

double output

The process of weak local production, and the change in the exchange rate that the Central Bank made, are the main reasons for the growth in inflation rates, according to a member of the Iraqi Economists Association, researcher Miqdam Al-Shaibani, who sees during his speech 

For {Al-Sabah} that {the value of the local currency is less than the value of foreign currencies, the prices of imported goods and goods will be very high, and costly for consumers, indicating that the decrease in purchasing power leaves significant and numerous effects on all members of society, from producers, consumers, importers and exporters.}

Al-Shaibani also attributed the reasons for the increase in inflation rates, to the increase in the costs of producing some commodities inside Iraq, due to the lack of energy and the high prices of transport and labor, which led to an increase in the price of the final product, as well as the increase in the population without being matched by an increase in local production that meets what has increased From demand, as well as, the rise in the prices of products globally, resulting from the repercussions of Corona, which directly affected Iraq due to covering most of the local needs through imports.

 

lack of planning

The researcher believes, that {the reasons that led to the increase in annual inflation rates in this way are due to the poor performance of the financial and monetary departments, the absence of strategic planning and the true identity of the Iraqi economy, especially since the constitution stipulates the need to move from a directed economy to a free one, which is contrary to what is happening. At the same time, he pointed out that {the rise in the state’s internal debt also contributed to the increase in inflation rates, as governments resort to paying off the debt through taxes, and when taxes are increased, companies or traders will be forced to raise prices to compensate for the tax rate imposed on them, and thus inflation occurs.

 

use {politics}

In order to reduce the effects of inflation, Al-Shaibani suggested the use of financial policy tools, represented by government spending, as the government can put pressure on spending, especially consumer spending, because it leads to increased demand and then inflation, while investment spending can lead to a reduction in inflation, While he pointed out that monetary policy can raise the interest rate, which leads to the withdrawal of cash from the markets in order to reduce inflation.

 

Budget financing

For his part, the economic expert, Abdul Rahman Al-Sheikhli, called, during a statement to Al-Sabah, to the need to expand the circle of financing the state’s general budgets, and move it from rentier budgets wholly dependent on oil revenues, to budgets that are financed by industry, agriculture, trade and tourism, stressing that this step It is capable of significantly reducing the percentage of imported goods, meeting market needs, and thus controlling prices and avoiding inflation.

Al-Sheikhly also urged the importance of “exploiting the state’s tools, both financial and monetary, which can control inflation rates, and control the cash flow that is directly proportional to that inflation, as well as reducing government spending rates, raising taxes and increasing interest rates imposed by banking institutions on the whole. credits}.

The economic expert stressed, “The inflation phenomenon began to emerge effectively after the decision to change the exchange rate, which directly affected the overall economic and productivity movement in the country, and led to a rise in the prices of all goods, materials and services, especially imported ones, which directly harmed the country.” People with low incomes and a large percentage of their salaries 

employees. The economic expert, Manar Al-Obaidi, had previously suggested to Al-Sabah three immediate solutions to address the inflation that occurred in various aspects of life, putting at the forefront of those solutions {the trend towards a gradual change in the exchange rate to ensure a reduction in the rate of inflation} while noting that The second solution lies in "starting to financially support local projects to enable them to compete, especially in important basic sectors such as food and medicine." 

The expert Al-Obaidi pointed out that the third solution includes “a trend towards reviewing import prevention policies and turning them into support mechanisms for local projects with the aim of enhancing their competitiveness, instead of the ban that led to a reduction in supply versus demand, which caused prices to rise for many products and contributed to an increase Inflation rates.

[yota691]

 

A government official expects inflation to rise in Iraq and proposes solutions to "curb" it

 

 2022-01-09 04:13

 

 

Shafaq News/ On Sunday, a government official expected that inflation in Iraq would rise by two decimal places during the current year 2022.

 

The official, who preferred not to be identified, said in an interview with Shafaq News Agency, "It is expected that the annual inflation in Iraq will rise to two decimal places during the current year as a result of the steadily rising prices of goods and materials in the local markets, unless the government intervenes to prevent this."

 

He added, "Most of the materials sold in the markets are imported, and therefore they are affected by international prices, which are witnessing a continuous rise during the past two years, especially foodstuffs," noting that "the rise in the value of the US dollar and the depreciation of the Iraqi dinar basically also affected the rise in inflation."

 

The official pointed out that "reviving the stalled government factories and factories and supporting the local product would stop the rise in inflation in Iraq," adding that "the Central Bank of Iraq has the ability to stop the rise in inflation because its monetary policy is able to absorb inflation."

 

The Central Bureau of Statistics had announced last December 21 that the annual inflation in Iraq for the month of November had risen to 8.4% compared to the same month last year.