| 2008: Inflation rate down in June |
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July 21, 2008 Iraq's annual basic inflation rate dropped to 12.4 percent in June 2008, compared to 14.7 percent in May 2008, the Central Bank of Iraq said on Monday. "The consumer price index (CPI) was remarkably lower in June 2008," according to a bank statement received by Aswat al-Iraq - Voices of Iraq - (VOI). Prices of foodstuffs, which constitute more than two thirds of the market base of products and services used in calculating the CPI, went down significantly because of two reasons: a rise in domestic agricultural production and the constant rise of the Iraqi dinar against the U.S. dollar, which helped reduce the serious effects of the international food crisis. The statement noted that the bank will continue its policy of monitoring the stability of prices in Iraqi markets, adding that stabilizing the value of the Iraqi dinar and maintaining its purchasing power is the main objective of the bank's monetary policy. Source: Voices of Iraq |