The Iraqi Central Bank announces a decrease in the inflation rate in August 2023

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In light of the rising problem of inflation in several Arab and surrounding nations, the Central Bank of Iraq said today, Wednesday, that the country’s inflation rate fell noticeably during the month of August 2023, hitting around 3.7%.

According to economic data, inflation in Iraq remains modest when compared to other nations in the area, where inflation has reached two or three decimal places.

Despite high inflation rates in Iraq’s main trading partners, Iran and Turkey, the country’s prices remained stable.

This declaration comes in light of the region’s modernized economic conditions and huge shifts, as trade records reveal that Iran accounts for 46% of Iraq’s international commerce.

This figure illustrates the Central Bank of Iraq’s evident accomplishment in ensuring price stability and keeping inflation rates below acceptable bounds.

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