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.
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