Iraq's CPI inflation slows to 2.1% y/y in September

By bne IntelliNews November 13, 2015

Iraq’s CPI inflation decelerated to 2.1% y/y in September from 2.6% y/y the month before on slowing food and housing costs and falling transport prices, data from the statistics office showed. Favourable seasonal factors and strong harvest season coupled with lower imports helped keep food prices anchored despite strong local demand.

In monthly terms, the CPI fell 0.6% in September, swinging from a 0.7% m/m increase in August.

As to core inflation, which excludes volatile components like food and energy, it edged down to 1.7% y/y from 1.8% y/y in August on a 0.2% m/m contraction.

Prices of food and non-alcoholic beverages, which have a 30% weight in the CPI basket, fell 1.9% m/m in September cutting the annual growth to 2.5% from 4.3% y/y in August.

Fresh vegetable prices fell 5.5% m/m and those of dairy products dropped 2.8% m/m.

As to housing and utilities charges, they grew 3.2% y/y in September, ticking down from 3.3% y/y the month before. The index was lifted by higher rent prices (up 3.4% y/y in September) and utilities (up 4.8% y/y). Transport charges fell 1.7% y/y, the same as in August, on lower oil prices and high base effect. Telecom prices rose 4.8% y/y and those of education grew 5.0% y/y. 

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