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Central Bank: Annual inflation down the foundation for the month of May to 139.7%
25/06/2012 PM - 2:37 p.m.
Central Bank of Iraq, on Monday, a decline in annual inflation basis for the month of May last to 139.7 percent, indicating that the high inflation often comes because of the high rental prices and vegetables in local markets.
The deputy governor of the Bank Mazhar Mohammad Saleh in an interview for "Alsumaria News", "annual inflation basis decreased in the month of May by 0.2% to 139.7% compared with the annual inflation basis for the month of April, who scored 139.9 percent," noting that "rose by 6.2 percent over the past Bayar 2011. "
Saleh added that "the central bank exclude petroleum products from oil and gas within the Department of fuel and the two sets of fruits and vegetables bodies within the Department of Food and non-alcoholic beverages of the indicators of inflation as prices volatile and unstable," noting that "the annual inflation basis is known worldwide and represents pressure spending continued" .
Saleh pointed out that "the trade unions the world has always been negotiating with employers on this basis to increase their wages," pointing out that "inflation in Iraq often comes from high rents for housing and electricity as well as prices of vegetables in the local markets."
Saleh continued that "the main bank's target is to reduce the price and address of inflation, explaining that" the economic power of Iraq's financial reserves and the rise of the Bank and the balance of payments surplus of government should be reflected on the strength of the Iraqi dinar, which in turn will be able to reduce inflation. "
It is intended mainly to inflation is the 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-section within the food and non-alcoholic beverages.
The Ministry of Planning on 17 June of the current annual inflation indicators for the period from 2011 to the month of May until the month of May of this year 2012 had declined by 2 percent, down from 9 percent to 7 percent.
The Iraqi Central Bank, with headquarters in Baghdad and has four branches in Basra and Sulaymaniyah, Erbil and Mosul, he founded the bank an independent Iraqi under the law of the Central Bank of Iraq issued on March 6, 2004, and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management foreign reserves and the issuance of currency management, as well as to regulate the banking sector.
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