Iraq’s Inflation Down for Second Month in a Row: Ministry of Planning

Inflation rates in Iraq have declined for the second month in a raw, with the monthly inflation rate for July falling by 0.1 percent compared to June, which also witnessed a decrease of 1.2 percent, the Iraqi Ministry of Planning has announced.

Ministry spokesman Abdul Zahra Al Hindawi stated that the annual inflation rate in July 2024 dropped by 1.2 percent compared to July 2023. 

He attributed this to lower prices across multiple categories comprising 333 goods and services, which account for approximately 88 percent of individual expenditure on goods and services.

The food and beverages category recorded a 1 percent decline, driven by a 1.1 percent decrease in the food group, notably including fish prices down 4.1 percent, vegetables down 2.9 percent, fruits down 1.8 percent, and dairy and eggs down 0.7 percent, Al Hindawi noted.

He indicated that there was a 0.8 percent year-over-year decline in July 2024, compared to the same month in 2023, in terms of the core inflation rate, which excludes volatile items such as vegetables, fruits, oil, and gas.