Inflation in Turkey

Inflation In Turkey Surges To 83%

Inflation In Turkey Surges To 83%

Inflation in Turkey has climbed above 83% – a 24-year-high. The transport, food and housing sectors have seen the biggest rise in prices. Independent experts the Inflation Research Group estimate the annual rate is actually 186.27%. Last year Turkish President Recep Tayyip Erdogan took the unorthodox step of cutting interest rates to try to boost the economy. Most central banks raise interest rates to fight inflation. The transport sector saw the sharpest increases in annual prices at 117.66%, followed by food and non-alcoholic drinks at 93%. Mr Erdogan has described interest rates as “the mother and father of all evil”,…
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