Inflation Iraq 2023
Average inflation: 4.4%
Current Inflation
Inflation is high at 4.4%, well above the ECB target.
Peak and Trough
The highest inflation was in January at 7.2%. The lowest inflation was in May at 3.4%.
- Highest month
- January: 7.2%
- Lowest month
- May: 3.4%
- Difference
- 3.8 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 5.9%. The lowest price increase was in Energy with an average of -0.4%.
- Highest increase
- Food: 5.9%
- Lowest increase
- Energy: -0.4%
Historical Context
Current inflation is 1.2% higher than the 5-year average of 3.2%.
- 5-year average
- 3.2%
- 10-year average
- 2.1%
- All-time high (2021)
- 6%
- All-time low (2019)
- -0.2%
Trend
Inflation shows a downward trend. Compared to 2022, inflation has fallen by +0.6 percentage point.
- Change vs. previous year
- -0.6 percentage points
- Largest monthly swing
- June: -2.1 percentage points
ECB Target
Inflation is 2.4% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €104.40 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 7.2% | +1.9 |
| February | 6.3% | +1.2 |
| March | 5.3% | +0.1 |
| April | 4.0% | -1.3 |
| May | 3.4% | -2.0 |
| June | 3.4% | -2.1 |
| July | 3.5% | -1.9 |
| August | 3.7% | -0.7 |
| September | 3.6% | -1.7 |
| October | 4.1% | -0.4 |
| November | 4.0% | -0.2 |
| December | 4.0% | -0.3 |
| Average | 4.4% |
Data source
Data from WorldBank. Last updated: 06/01/2026.