Turkey’s inflation soars to 73%
Turkey’s May rate of inflation was 73.5 percent year on year, the very highest in 23 years, because the country grappled with soaring food and energy costs and President Recep Tayyip Erdogan’s long-running unorthodox monetary policy strategy. Turkey’s consumer indicant rose to 73.5 percent from 70 percent the previous month.
Turkey has experienced rapid climb for years, but Erdogan has consistently refused to lift interest rates significantly to chill the resulting inflation, describing himself as a sworn enemy of interest rates.
As a result, the lira has plummeted and therefore the average Turk has far less spending power. Economic analysts predict that Turkey’s inflation will only worsen. in step with the country’s statistics agency, food prices within the 84-million-person country rose 91.6 percent year on year, highlighting the pain that regular consumers face as supply chain issues, rising energy costs, and Russia’s war in Ukraine feed into global inflation.
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