Iraq’s annual inflation falls to 2.8%
Iraq’s annual inflation falls to 2.8%
2025-03-05 00:58
Shafaq News/ The Central Bank of Iraq announced, on Wednesday, that the annual inflation rate in the country has decreased to 2.8%.
The bank said in a statement received by Shafak News Agency, “Annual inflation decreased in Iraq from 4% for the fourth quarter of 2023 to 2.8% for the same quarter of 2024.”
He added that “core inflation also decreased from 4.5% in the fourth quarter of 2023 to 2.5% in the same quarter of 2024.”
He pointed out that “general and basic inflation are at acceptable rates, and this reflects price stability and the success of monetary policy in Iraq.”
Iraq has witnessed fluctuations in inflation rates over the past years. In 2022, the annual inflation rate reached 5%, then rose to 6.6% in 2023, due to several factors, most notably changes in the exchange rate and the effects of the Russian-Ukrainian war.
Future forecasts vary; reports in October 2024 indicated that the International Monetary Fund expected Iraq’s inflation index to rise slightly to 3.5% in 2025, with it declining to 3% by 2029.
Lower inflation means a decline in the annual price increases of goods and services, which enhances citizens’ purchasing power and reflects economic stability.
shafaq.com
