Latest Turkey Inflation Rate of 79.6% the Highest in 24 Years — Weakening Lira and Russia-Ukraine War Blamed

Latest Turkey Inflation Rate of 79.6% the Highest in 24 Years — Weakening Lira and Russia-Ukraine War Blamed

According to the latest data from the Turkish Statistical Institute, the country’s annual inflation rate for the month of July was 79.6%, the highest in 24 years. Rising transportation costs, food and non-alcoholic beverages were some of the product categories that contributed to the overall rate increase.

Transportation Costs Rose the Most

Turkey’s consumer inflation rate in July surged to 79.60% — the highest in 24 years — while the monthly rate stood at 2.37%, the latest Les données from the Turkish Statistical Institute (TSI) has shown. According to the data, transportation costs, which rose by 119.1%, were one of the four main product groups whose prices rose faster than the consumer price index (IPC).

Latest Turkey Inflation Rate of 79.6% the Highest in 24 Years — Weakening Lira and Russia/Ukraine War Blamed
Source: Turkish Statistical Institute

The three other product groups whose inflation rate rose faster than 79.6% are food and non-alcoholic beverages which went up by 94.65%, furnishings and household equipment (88.35%), and alcoholic beverages and tobacco (82.66%).

toutefois, according to the TSI, while the transportation group is noted as the group with the biggest monthly increase, the data shows it is also the only main group that recorded a negative monthly increase — approximately -0.85%. On the other hand, the health group saw the highest monthly increase of 6.98% and is closely followed by the alcoholic beverages and tobacco group which saw an increase of 6.85%.

Rate of Price Increases Accelerated in 2022

Although Turkey’s inflation rate had been trending upwards since the year 2021, starting in January 2022, the rate of price increases has accelerated. This can be corroborated by the latest TSI data which shows that since December 2021 prices have increased by an average of 45.72%. At the same point last year, prices had increased by 10.41%, et 6.37% a year before.

pendant ce temps, according to a Reuters rapport, Turkey’s rapidly depreciating local currency, as well as the impact of the ongoing Ukraine-Russia war, are some of the main factors contributing to the rise in prices. Despite the rate’s rise to levels last seen in 1998, the Turkish central bank has reportedly said it expects this to drop to 42.8% by the end of 2022.

Mots clés dans cette histoire

Quelles sont vos pensées sur cette histoire? Faites-nous savoir ce que vous pensez dans la section des commentaires ci-dessous.

Terence Zimwara

Terence Zimwara est un journaliste zimbabwéen primé, auteur et écrivain. Il a beaucoup écrit sur les problèmes économiques de certains pays africains ainsi que sur la façon dont les monnaies numériques peuvent fournir aux Africains une voie d'évasion..














Crédits image: Shutterstock, Pixabay, Wikipédia des communs, Caglayan Unal Sumer / Shutterstock.com

Avertissement: Cet article est à titre informatif uniquement. Il ne s'agit pas d'une offre directe ou d'une sollicitation d'une offre d'achat ou de vente, ou une recommandation ou une approbation de tout produit, prestations de service, ou entreprises. Maximumhorrors.com ne fournit pas d'investissement, impôt, légal, ou conseil comptable. Ni la société ni l'auteur ne sont responsables, directement ou indirectement, pour tout dommage ou perte causé ou prétendument causé par ou en relation avec l'utilisation ou la confiance accordée à tout contenu, biens ou services mentionnés dans cet article.

Lis avertissement

Partager