Baghdad (IraqiNews.com) – The Iraqi Ministry of Planning revealed on Sunday that the monthly inflation rate decreased and the annual inflation rate rose for November 2024.
The spokesperson for the Planning Ministry, Abdul Zahra Al-Hindawi, told Shafaq News that while the annual inflation rose by four percent compared to the same month in 2023, monthly inflation in November dropped by 0.3 percent compared to October.
Al-Hindawi clarified that the inflation in Iraq is under control, noting that the inflation in other countries, such as Turkey, Egypt, and Lebanon, has reached 50 and 80 percent, affecting the country’s overall economic status.
The International Monetary Fund (IMF) defines inflation as the rate at which prices rise during a specific time period. It is a broad indicator, such as the general rise in prices or the country’s rising cost of living.
In an assessment issued in October 2023 on the inflation rate for Arab countries, the IMF predicted that the inflation rate in Iraq will slightly increase in 2025.
Compared to 4.4 percent in 2023 and five percent in 2022, Iraq’s annual inflation rate was 3.2 percent in 2024.
According to IMF projections, Iraq’s inflation rate would increase marginally to 3.5 percent in 2025 and then fall to three percent in 2029.
The existence of a sizable quantity of cash flowing via market and business transactions is one of the primary causes of the rising inflation rate.
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