CBI announce decrease in inflation

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Inflation rate in Iraq declines in 2023 compared to 2022

• Amr Salem
•  November 29, 2023
•  268
•  3 min

The Central Bank of Iraq. Photo: INA

Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) announced on Wednesday that the inflation rate decreased in 2023 compared to 2022.

A statement issued by the CBI mentioned that the price stability achieved in the country is good compared to many countries where inflation has reached 30 and 40 percent, the state news agency (INA) reported.

Inflation in Iraq reached approximately 3.7 percent in August 2023, compared to 4.4 percent in August 2022, despite the rise in inflation in Iraq’s trading partners, according to the statement.

The inflation rate reached 46 percent in Iran and approximately 57 percent in Turkey.

This reflects the CBI’s successful policy of achieving price stability and maintaining the inflation rate within acceptable limits.

The inflation rate in the United Arab Emirates reached 3.4 percent and 2.4 percent in Saudi Arabia.

The Iraqi Ministry of Planning announced last month that the inflation rate remained stable during September.

The spokesperson of the Planning Ministry, Abdul Zahra Al-Hindawi, said earlier that the monthly inflation rate in Iraq during September witnessed no changes compared to August, where the inflation rate rose by 0.5 percent.

The Central Statistical Organization (CSO) of the Iraqi Planning Ministry recorded an increase of four percent in the annual inflation rate in April 2023, compared to the same period in 2022.

In its latest report, the International Monetary Fund (IMF) expected that the annual inflation in Iraq would rise to 6.6 percent in 2023.

The IMF explained in its report that the annual inflation in Iraq during 2020 reached 0.6 percent and rose to six percent in 2021.

Expectations also indicated that the annual inflation rate in Iraq will decrease in 2024 to 1.6 percent.