The Iraqi economy is being affected by imports of high-priced food products because it is causing inflation, Iraqi Foreign Minister Fuad Hussein told Sputnik
UNITED NATIONS (Pakistan Point News / Sputnik - 27th September, 2022) The Iraqi economy is being affected by imports of high-priced food products because it is causing inflation, Iraqi Foreign Minister Fuad Hussein told Sputnik.
"The high price of the food or shortages will affect us directly," Hussein said. "We are not only importing food with a high price, we are also importing inflation in many other countries."
Hussein pointed out that although high energy prices will benefit Iraqi oil companies, the downside is that expensive oil leads to an increase in other goods. Hussein predicts the price of oil in the global market will increase in the coming months to at least $150 per barrel.
Hussein said he hopes the crisis in Ukraine will end as soon as possible.
On February 24, Russia began a military operation in Ukraine, responding to calls for help from the breakaway republics of Donetsk and Luhansk. In response, the West and its allies have rolled out a comprehensive sanctions campaign against Moscow.
