Inflation's freefall: Iraq hits 2.8%, economic hopes soar
Iraq’s annual inflation rate has dropped to 2.8% in the fourth quarter of 2024, down from 4% a year earlier, the central bank (CBI) announced on Wednesday.
In an official statement, CBI confirmed that core inflation, which excludes volatile food and energy prices, had also declined to 2.5% from 4.5% in the same period of 2023.
“Both headline and core inflation remain within acceptable levels, reflecting price stability and the effectiveness of Iraq’s monetary policy,” the statement read.
The latest figures point to a slower rise in consumer prices, strengthening purchasing power and reinforcing economic stability.
Notably, Iraq has experienced inflation swings in recent years. The annual rate stood at 5% in 2022 before climbing to 6.6% in 2023, driven by currency fluctuations and the impact of the Russia-Ukraine war.
Projections for the coming years remain mixed. An International Monetary Fund report in October 2024 forecast a slight increase to 3.5% in 2025, before easing to 3% by 2029. link
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