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High annual inflation index to 6.7%
On: Friday 5/25/2012 3:09
Baghdad / term
, said Deputy Governor of the Bank Mazhar Mohammad Saleh said that the annual inflation basis rose in the month of April, to 6.7% compared with the annual inflation basis for the month of March, who scored 6.2%, up by 1.0%. "Saleh added, according to the Sumerian News that there are two important factors effect in raising inflation in Iraq are the housing sector due to rising rents, electricity, housing, in addition to the fluctuations that occurred in the exchange rate of the Iraqi dinar in recent times.
The benefit that the goal of the Bank President is to reduce the price and address of inflation, indicating that the bank seeks to raise the value of Iraqi dinar exchange rate in proportion to the surplus in the balance of payments of Iraq and especially the current account that a surplus of which 8 to 10% of GDP. Saleh pointed out that the surplus in the balance of payments to him from the economic power of the financial impact on the rise in bank reserves to 18 percent, "pointing out that" the economic power of Iraq's financial must be reflected on the strength of the Iraqi dinar, which in turn will be able to reduce inflation. "
He said that "the rise in inflation still is troubling, "stressing that" monetary policy is able to accommodate inflation and that he would intervene strongly to curb inflation in the moments when what he found up to the stages of worry about stability. "
means inflation is essentially a percentage change in the index of consumer prices calculated after excluding petroleum products (oil, gas) within the Department of Housing and the two sets of fruits and vegetables sub within the Department of Food and non-alcoholic beverages.
The Ministry of Planning on 12 of May, the current rise in the annual inflation index for the month of April, in Iraq, to 8.7 percent, attributing the reason for high food prices and non-alcoholic beverages .
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