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Inflation in Turkey exceeded 83 percent

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Turkey’s current inflation rate is the highest since September 1998. According to experts, one of the reasons for the increase in prices in the country is the policy of reducing interest rates.

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Turkey’s annual inflation hit a new high of 83.45 percent in September, with a month-on-month increase of 3.08 percent, according to data released by the Turkish Statistical Institute on Monday, October 3. organized. This is the country’s highest annual inflation rate since September 1998.

It is noted that the annual increase in the prices of food and soft drinks was 93 percent, and the increase in prices in the transport sector was 117.66 percent. Prices in the communication and education sectors increased the least during the past year – 30.76 and 36.69 percent, respectively.

Inflation in Turkey is caused by several factors. One of them is the weak national currency lira. Its current exchange rate explains that goods imported by Turkey are offered at higher prices in the domestic market.

Prices are also negatively affected by problems with international supply chains, which lead to higher prices of semi-finished products. At the same time, the price increase is caused by the increase in the price of electricity against the background of Russia’s war against Ukraine.

Analysts also consider the Turkish President Recep Tayyip Erdogan’s policy of lowering interest rates to accelerate economic growth, which began in 2018, as an important factor affecting price increases in Turkey.

At the time, Erdogan took the move against the advice of the head of the central bank, sending the lira to a record low and raising costs in a country dependent on imports of materials and energy. Since then, the president has fired three Central Bank governors.

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