FINANCIAL NEWS

Iraq’s inflation hits 3.2% in October

23 Nov 2010

(MENAFN) Iraq�s core annual inflation rate jumped to 3.2 percent in October from 1.9 percent in September as housing, water, electricity and cooking gas costs increased, an official at the central bank said.

Inflation held steady at 1.9 percent in August and September, according to central bank figures.

Iraq is struggling to restore an economy battered by years of war and international economic sanctions. The government relies on revenues from its vast oilfields for about 95 percent of its budget.

To spur investment and economic growth outside of the oil sector, the central bank has tried to relax monetary policy and encourage bank credit.

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