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Inflation in Turkey reached 78.6 percent in June, the highest level in 24 years. The Turkish Institute of Statistics claimed that such a figure had not been recorded since September 1998, when annual inflation was calculated at 80.4%.
Experts attribute this situation to the economic policies of the president, Recep Tayyip Erdogan, which are making the situation even more difficult.
Meanwhile, however, unofficial estimates published by economists in Turkey show that the increase in prices is twice as high compared to the figures presented by the authorities.
In May, inflation was 73.5 percent and 15.0 percent at the beginning of last year. And it seems that the situation will not stabilize quickly: last week, the Turkish economy minister vowed that consumer prices will start to fall in December, and then, according to him, the fall in inflation will begin to be seen.
Local officials say the situation created in June was fueled by a 123.4 percent increase in the cost of transportation and a 94 percent increase in soft drinks. The deterioration of the economic situation started last year, when Erdogan forced the Central Bank to lower interest rates.
Although it was clearly seen that this type of policy increased consumer prices, the Turkish president does not accept the conventional economic model and insists that high interest rates cause price increases.
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