CBI: Annual inflation down the foundation for the month of May to 139.7%
Monday June, 25 2012 GMT
Central Bank of Iraq, Monday, the lower the 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.
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 compared Bayar past 2011. “
Saleh added that “the Central Bank excludes petroleum products from oil and gas within the Department of fuel and the two sets of fruits and vegetables sub 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. “
The benefit to 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 bank’s target is the main reduce prices and to address inflation, explaining that “the economic power of Iraq’s financial and of higher bank reserves and 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.”
means inflation is essentially a percentage change in the index of consumer prices calculated after excluding derivatives oil (oil, gas) within the Department of Housing and the two sets of fruits and vegetables sub within the Department of Food and non-alcoholic beverages. The Ministry of Planning on 17 of June, the current indicators of annual inflation for the period of the month of May 2011 until the month of May of this year 2012 had declined by 2 percent to decline from 9 percent to 7 percent.
It is noteworthy that 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 the management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector.