CBI announces increase inflation foundation for the month of August to 141.0 percent
B. Central Bank Governor appearance of Mohammed Saleh Alsumaria News / Baghdad
Iraqi Central Bank announced on Monday, for the high inflation rate basis for the month of August last year to 141.0 percent rise annually to 5.0 percent, attributing the cause to rise in housing prices and private rentals.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh in an interview for “Alsumaria News”, “annual inflation rate basis for the month of August rose to 141.0 percent and by 0.2 percent compared with inflation foundation for the month of July,” noting that “inflation foundation’s annual month of August has risen the other is 5.0 percent compared to the base annual inflation for the month of August of 2011. “
Saleh added that “the central bank excludes petroleum products from the oil and gas within the Department of fuel and two sets of fruits and vegetables sub within the Department of Food and non-alcoholic beverages from inflation indicators as prices volatile and unstable,” adding that “the annual inflation basically known universally represents pressure spending continuing” .
Saleh pointed out that “the annual inflation rose due to higher prices of housing section rate of 10.0 compared to prices in the month of August 2011 due to higher rents for residential buildings fell 13.2 percent,” pointing out that “the Central Bank on maintaining price stability in the markets.”
The Deputy Governor of the Bank “the foundation’s annual inflation which was announced by the Ministry of Planning is not large and is considered under control in such circumstances that Iraq is going through,” adding that “the main objective of the bank is to cut prices and tackle inflation.”
Saleh continued that “the economic strength of Iraq’s financial reserves of high bank that will be a strength factor in reducing inflation through certain procedures such as the use of a reference interest rate or other proceedings in the case of inflation continued to increase in Iraq.”
Means inflation is essentially a percentage change in the index of consumer prices calculated after excluding petroleum products (oil, gas) within the Department of Housing and the two sets of fruits and vegetables bodies within the Department of Food and non-alcoholic beverages.
The Ministry of Planning and Development Cooperation of Iraq, in (11 September the current), a rise in annual inflation index for August in Iraq by 7 percent due to higher rents for residential units and education in the whole of Iraq which led to the affected inflation so high, indicating that the monthly inflation rate for the month of August is the other rose up to 2.8 percent.
It is noteworthy that the Iraqi Central Bank, with headquarters in Baghdad and has four branches in Basra and Sulaymaniyah, Irbil and Mosul, founded the bank independent Iraqi under the law of the Central Bank of Iraq issued on March 6, 2004, and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management foreign reserves and the issuance of currency management, as well as to regulate the banking sector.