Iraq's Monthly Inflation Rate Declines in March, Annual Inflation Rate Rises

Shafaq News/ The Iraqi Ministry of Planning reported on Wednesday that the monthly inflation rate decreased in March compared to the previous month of February, according to the Central Statistical Organization's indices section.

The official spokesperson for the ministry, Abdul Zahra Al-Hindawi, stated that the inflation rate declined by 0.7% in March, while the annual inflation rate increased by 5.3% in March 2023 compared to the same month in 2022.

Al-Hindawi attributed the decline in the inflation rate to a drop in water and electricity supply prices by 24.4%, fuel by 1.6%, and other factors.

Inflation has been a significant issue in Iraq in recent years, with prices of essential goods and services skyrocketing and straining the country's economy.

According to a report by the World Bank in September 2021, Iraq's inflation rate reached 9.6% in August, up from 6.2% the previous year. The report cites several factors for the rise in inflation, including a sharp depreciation of the Iraqi dinar, disruptions in global supply chains due to the COVID-19 pandemic, and political instability in the country.

The high inflation rate has led to protests and social unrest in Iraq, with many Iraqis struggling to make ends meet.