Turkey’s Inflation Grows Magnificently In One Year
ANKARA: Turkey’s inflation has grown exponentially within a year. Inflation has reached 85.5 percent, the highest level in the last 24 years, according to the government. Inflation began to rise in November last year, when the lira fell.
Turkey’s central bank has begun to lower interest rates in response to President Recep Tayyip Erdogan’s long-standing demand. This action contradicted global economic policy. Since June 1998, Turkey has been attempting to reduce the country’s high level of inflation. However, inflation has reached an all-time high.
The central bank rate cut is part of the government’s economic policy to boost production and exports in order to improve the economy. However, the figures show that it is not working.
Turkey’s central bank has reduced interest rates to 10.5% in three months and has stated that it will cut them again next month. At the same time, the president has stressed the importance of reaching single-digit policy rates by the end of the year. Meanwhile, the Turkish Statistical Institute reported a 3.54% increase in consumer prices in the country.
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