Shafaq News/ Kurdistan's inflation rate accelerated in 2023, rising 7% compared to the prior year, the Kurdistan Regional Statistics Office (KRSO) reported on Wednesday.

The consumer price index (CPI) climbed to 117.13 in December 2023, edging up from 116.33 in January 2024. The increase reflects rising costs of food, housing, transportation, and healthcare.

Alcohol and tobacco witnessed the sharpest price hikes in December 2023, 10.2%. Clothing and footwear followed closely with an 8.7% increase. Conversely, education and communication costs saw minimal inflation, hovering around 0.2% and 0.4%, respectively.

The KRSO attributed the 2023 inflation uptick to a confluence of factors, including the global surge in food and energy prices, a weakening Iraqi dinar, and the ongoing war in Ukraine.

Despite the rise, Kurdistan's inflation remains lower than the national average. Iraq's inflation rate stood at 12.5% in 2023.