Inflation Iraq 2024
Average inflation: -12.3%
Current Inflation
There is deflation with consumer prices declining by 12.3%.
Peak and Trough
The highest inflation was in August at -11.4%. The lowest inflation was in January at -14.2%.
- Highest month
- August: -11.4%
- Lowest month
- January: -14.2%
- Difference
- 2.8 percentage points
- Months with data
- 9 of 12
Category Insights
The highest price increase was in Core inflation with an average of 2.9%. The lowest price increase was in Energy with an average of -15.1%.
- Highest increase
- Core inflation: 2.9%
- Lowest increase
- Energy: -15.1%
Historical Context
Current inflation is 13.0% lower than the 5-year average of 0.7%.
- 5-year average
- 0.7%
- 10-year average
- 0.5%
- All-time high (2021)
- 6%
- All-time low (2024)
- -12.3%
Trend
Inflation shows a downward trend. Compared to 2023, inflation has fallen by +16.7 percentage point.
- Change vs. previous year
- -16.7 percentage points
- Largest monthly swing
- January: -21.4 percentage points
ECB Target
Inflation is 14.3% below the ECB target of 2.0%. Too low inflation may indicate economic weakness.
Purchasing Power
Due to deflation, purchasing power increases. Money becomes more valuable instead of less.
What you could buy for €100 this year will cost approximately €87.70 next year at this inflation rate.
Multi-year trend
Monthly figures 2024
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| January | -14.2% | -21.4 |
| February | -13.7% | -20.0 |
| March | -13.2% | -18.5 |
| April | -12.1% | -16.1 |
| May | -11.6% | -15.0 |
| June | -11.5% | -14.9 |
| July | -11.5% | -15.0 |
| August | -11.4% | -15.1 |
| September | -11.9% | -15.5 |
| Average | -12.3% |
Data source
Data from WorldBank. Last updated: 06/01/2026.Not all months available yet.