Baghdad: The Ministry of Trade confirmed on Sunday that local market prices are largely stable despite the closure of the Strait of Hormuz. The ministry also indicated that it is conducting continuous monitoring tours in Baghdad and the provinces to ensure price stability in local markets.

According to National Iraqi News Agency, Riyadh al-Moussawi, Director General of the Commercial and Financial Control Department at the ministry, stated to the official news agency, “Through the Commercial and Financial Control Department’s monitoring of the local market in Baghdad and the provinces, and by submitting a daily price report to the Minister and subsequently to the Prime Minister’s office, we have observed that prices are largely stable, with the exception of a slight increase in some food items due to the closure of the Strait of Hormuz.”

He added, “Prices are being monitored by the Commercial and Financial Control Department, as well as other supporting security agencies. Recently, several violations have been uncovered, including the sale of damaged goods, smuggled goods, and food basket materials being misused. For example, these materials are being used in animal feed factories as imported goods for the production of livestock feed or other animal products.”

He continued, “This work is ongoing daily in local markets. Therefore, if any violation is proven, legal action is taken immediately in conjunction with security forces.” He noted that “comparing prices to markets in other neighboring countries is not entirely accurate, as there are different stock exchanges and economic systems among these countries. However, we are talking about the situation within the country, and despite the closure of the Strait of Hormuz and other ongoing events, the markets are relatively stable so far.”

He pointed out that “monitoring in Baghdad and the provinces is ongoing daily. We have various activities within the Department of Commercial and Financial Control, including monitoring the work of agents and the items included in the food basket. Inspections are conducted continuously, covering all food items in the market, whether they are ration items, food basket items, or other goods from other sources.”

He emphasized that “distributing the food basket on schedule is part of the ministry’s established policies, and this contributes to market stability as much as possible, thus preventing any impact on citizens’ livelihoods.”