Inflation in Turkey at highest level in two and a half decades. Experts say Tughlaq administration reforms are going awry. The value of NC is sharply down
First Published Oct 3, 2022, 6:09 PM IST
RTurkey’s inflation hits 20-decade high Turkey’s annual inflation hit a 24-year high of 83.45 percent in September, according to official data. Consumer prices rose 3.08 percent from the previous month, the Turkish Statistical Institute said.
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Meanwhile, experts say inflation is higher than official statistics. The independent Inflation Research Group estimates the annual rate at 186.27 percent.
Last month, Turkey’s central bank cut interest rates. The central bank cut the benchmark rate to 12 percent despite the rise in prices and the appreciation of the Turkish currency, the lira. The lira fell again against the US dollar after the rate cut. Russia’s invasion of Ukraine and the fall of the lira fueled inflation. Meanwhile, economists say President Recep Tayyip Erdogan’s actions are fueling rising inflation in Turkey.
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President Recep Tayyip Erdogan said efforts are being made to increase production and exports to reduce the current account deficit and that inflation is expected to decrease in the new year.
According to figures from the Statistical Institute, the largest annual price increase is in the transport sector.
Last week, the Reserve Bank of India hiked interest rates due to inflation. The lending rate was raised by 50 basis points to 5.90 repo.
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Last Updated Oct 3, 2022, 6:23 PM IST
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