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 údajov 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 (CPI).

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%).

Avšak, 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%, a 6.37% a year before.

Medzitým, according to a Reuters správa, 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.

Značky v tomto príbehu

Aký je váš názor na tento príbeh?? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara je zimbabwiansky ocenený novinár, autor a spisovateľ. Rozsiahlo písal o ekonomických problémoch niektorých afrických krajín, ako aj o tom, ako môžu digitálne meny poskytnúť Afričanom únikovú cestu..














Obrazové kredity: Shutterstock, Pixabay, Wiki Commons, Caglayan Unal Sumer / Shutterstock.com

Vylúčenie zodpovednosti: Tento článok slúži len na informačné účely. Nejde o priamu ponuku alebo vyžiadanie ponuky na kúpu alebo predaj, alebo odporúčanie alebo schválenie akýchkoľvek produktov, služby, alebo spoločnosti. Maximumhorrors.com neposkytuje investície, daň, legálne, alebo účtovné poradenstvo. Spoločnosť ani autor nenesú zodpovednosť, priamo alebo nepriamo, za akúkoľvek škodu alebo stratu spôsobenú alebo údajne spôsobenú alebo v súvislosti s používaním alebo spoliehaním sa na akýkoľvek obsah, tovar alebo služby uvedené v tomto článku.

Čítať odmietnutie zodpovednosti

zdieľam