Turkey: Inflation Rose To 85.51%

Inflation in Turkey rose in October for the 17th consecutive month, reaching 85.5% year-on-year.

Inflation puts pressure on households and businesses in most economies of the world. One country though, has linked its name to outrageous inflation.

- Advertisement -

The country is Turkey, where the consumer price index rose in October for the 17th consecutive month, reaching 85.51% year-on-year.

This is the highest rate since 1997, according to official data released today.

Food prices were 99 percent higher than the same period last year, housing prices rose 85 percent and transport rose 117 percent, the Turkish Statistical Office said Thursday.

The domestic producer price index showed a 157.69% year-on-year increase and rose 7.83% month-on-month. The monthly rise in consumer prices was 3.54%.

The dramatic rise in the cost of living for the country of 85 million has continued unabated for almost two years, alongside the significant depreciation of the Turkish currency.

If the lira does not weaken further, October’s inflation may be the ceiling, estimated Haluk Burumcekci of Burumcekci Consulting. “We believe inflation may have peaked unless there is a depreciation from the current level of the lira,” he said. “A significant decline (in inflation) could only happen towards the 70-75% range due to the base effect in the last month of the year.”

- Advertisement -

The 44% fall in the pound last year and 29% this year was the main reason behind the surge in inflation, apart from the rise in energy prices.

Another aspect of Turkey’s inflationary problem is the unorthodox policy of the country’s central bank, which, under pressure from Turkish President Recep Tayyip Erdogan, cut its key interest rate despite rising prices.

Previous Articles:

- Advertisement -

Latest News

FHFA Orders Fannie, Freddie to Consider Crypto as Mortgage Collateral

The U.S. Federal Housing Finance Agency ordered Fannie Mae and Freddie Mac to consider...

Retail Investors Can Now Buy Tokenized Shares of SpaceX via Blockchain

Retail investors can now buy blockchain-based fractional shares in SpaceX through Republic. These digital tokens...

EU Commission Eases Stablecoin Stance, Calms Bank Run Concerns

The European Commission downplayed the risk of bank runs linked to stablecoins after concerns...

Iranian Hackers Launch AI-Driven Phishing Attacks on Israelis

An Iranian state-backed Hacking group targeted Israeli journalists, Cybersecurity professionals, and academics in a...

Nasdaq Integrates Canton Blockchain for 24/7 Collateral Management

Nasdaq has integrated blockchain technology from the Canton Network into its Calypso platform to...

Must Read

5 Best Crypto Jobs Sites To Land Your Next Six Figure Job

The cryptocurrency and blockchain job market has exploded. With new blockchain start-ups and projects being founded at a blistering pace, the demand for workers...