Iraq's CPI turned to a 1.5% y/y inflation in February, reversing a revised 0.9% annual contraction a month earlier, as food prices swung into inflation, thus largely mitigating slower housing price growth, data from the statistics office showed.
The statistics again office underscored that its consumer price index for February did not include the provinces of Anbar, Kirkuk, Ninawa and Salah Eldin given the security turmoil in those regions linked to the Islamic State waged attacks.
It is worth noting that the minimized CPI survey in some parts of Iraq does not reflect the real national price growth. The minimized CPI survey is also subject to seasonal revisions.
In monthly terms, the CPI edged up 0.1% in February, reversing a 0.6% m/m deflation in January.
The annual core inflation rate, which excludes volatile components like food and energy, grew 2.2% y/y during the month, reversing a revised 2.1% annual deflation in January.
Prices of food and non-alcoholic beverages, which have a 30% weight in the CPI basket, edged up 0.1% y/y in February, reversing a 1.6% y/y contraction the month before on unfavourable seasonal factors and low imported inflation.
On the other hand, the housing and utilities inflation rose 1.9% y/y in February, braking from a 3.4% annual rise in January.
United Arab Emirates renewable energy company Masdar has partnered with Uzbekhydroenergo to evaluate the potential of national hydroelectric power storage projects. Masdar and Uzbekhydroenergo, a ... more
The Moroccan government plans to allocate 10,000 square kilometres to green hydrogen projects as it continues its steps towards energy transition, according to a statement from the cabinet on March ... more
Egyptian President Abdul Fattah El Sisi has announced an urgent EGP 180bn ($5.82bn) social stimulus package to be implemented starting in March. The announcement on Wednesday ... more