World

In Turkey, inflation rose to 80 percent, the highest since 1998 | Business

Inflation accelerated due to the decline of the domestic lira and the rise in energy and commodity prices. Find it out from the data published by the Turkish Statistical Office.

Compared to the previous month, prices increased by 2.37 percent. the data are somewhat better than the estimates of analysts polled by the Reuters agency, who expected interannual inflation of 80.5 percent and intermonth inflation of 2.9 percent.

Prices in transport grew the most, by 119.11 percent. The prices of food and non-alcoholic beverages increased by 94.65 percent.

The sharp rise in consumer prices forced economists and economists to revise their forecasts several times. Efforts to stabilize the exchange rate of the domestic lira have failed, and the Russian invasion of Ukraine is raising the prices of everything from food to energy. The Turkish lira against the dollar weakened by 44 percent last year and has fallen by another 27 percent this year.

Inflation has risen to 90 percent

Inflation in Turkey started to rise sharply after the central bank had dreamed for years at the end of last year and since then it has refused to revive. The rise in prices and the weakness of the government’s policy led to a sharp sell-off in the Turkish lira. On the contrary, the five central banks in the world, in the fight against high inflation, have changed their monetary policy.

Bank Goldman Sachs estimates that consumer prices will reach a peak of around 90 percent in June or November. Last year, inflation was 19 percent.

Vtin Turk’s standard of living fell sharply due to high inflation. According to public opinion polls, many have lost their way to official data. The difference between official data and news from other sources has grown significantly in recent months.

On Monday, a business group in Istanbul announced that inflation in Turkey’s most populous city was 99.1 percent in 2018. If you get them right, it would be a record high difference between Istanbul inflation and global taxes. The ENAG group, made up of academics, claims that the inflation rate, according to their input, which should be practically the same as the government’s, was 176 percent in Europe.

Core inflation, which excludes unstable energy and food prices, rose to 61.7 percent in April from 57.3 percent in April.

Leave a Reply

Your email address will not be published.

Back to top button