KTFA: Samson: Economist: Inflation has reached more than 12% in Iraq
3rd September, 2022
The annual inflation level in Iraq for the month of July increased by 12.3% compared to the same period in 2019, bringing the record in July 2022 to 117.8, which is the highest inflation rate recorded in the country in more than ten years
The economic and financial expert, Manar Al-Obaidi, said in a press statement, seen by “Economy News”, that “the inflation level in food prices rose by 11.2%, while the inflation level in housing, water, electricity and gas prices rose to 10.1 % per cent
At the level of transportation prices, the inflation rate in Iraq increased by 16.8%, and the most inflated rate was the prices of health and medical services, which rose by 27.8% compared to July 2019, and the general index of the Health Department reached 149.9, an increase of 50% compared to the measurement year. Which is considered the year 2012, according to Al-Obeidi
The Iraqi economic expert attributed the reasons for the high rates of inflation to many factors, including “the rise in oil prices, which reflects its shadow on all goods and services, in addition to changing the exchange rate of the dinar against the dollar,” and these two reasons are enough to raise inflation rates to reach these record levels
According to the data of the Iraqi Ministry of Planning, the number of citizens below the poverty line has reached “9 million people” and with the high rates of inflation, it is expected that this percentage will rise in the future, according to Al-Obeidi
Al-Obaidi pointed out that “the Iraqi government does not take any actual measures that would reduce the inflation rates that qualify for the rise as a result of the lack of approval of the budget and the absence of programs that limit the impact of the inflation level on the Iraqi citizen
He pointed out that “the local products that would reduce inflation rates are still below the level and unable to cover the need for imported products LINK
