Turkey’s highest inflation rate in 24 years

Turkey’s highest inflation rate in 24 years

Turkey’s highest inflation rate in 24 years

Picture: Turkish harbor

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Turkey’s Consumer Price Index (CPI) rose 73.5% in May from the same period last year, the highest since October 1998.

According to the research institute, China’s CPI rose by 2.98% in May compared to the same month last year. The highest annual increase in prices in the transport sector was 107.62%.

Read more: Turkey makes a formal request to change its name to ‘Turkiye’

Prices for food and non-alcoholic beverages increased by 91.63%, and prices for furniture and appliances increased by 82.08%. At the same time, the data show that the index of domestic production prices in May increased by 8.76% year-on-year, reaching an annual level of 132.16%, the highest level since 1995.

The country has been facing unprecedented financial difficulties for decades, with the Turkish lira losing half its value last year as a result of the COVID-19 pandemic. The conflict between Russia and Ukraine has also exacerbated the situation and pushed energy prices to new levels.

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Read more: Turkey has halted high-level negotiations with Greece

Economists predict that Turkey will live with high inflation in 2022. The pound was the weakest since December at 16.5050, down 0.25% against the dollar. The local currency will fall by 44% in 2021 and by 20% this year. In April, the central bank predicted that annual inflation would peak in June and fall to about 43% by the end of the year and single-digit inflation by the end of 2024.

The government has previously said that inflation will fall to a single figure next year as part of a new economic program that sets low-interest rates to boost production and boost exports to get a current account surplus.

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