Credit: Unsplash
Turkey’s inflation rate has soared past 75% in May, marking what economists believe to be the peak of the current inflationary cycle. According to the Turkish Statistical Institute, consumer prices rose by 75.45% annually and 3.37% monthly.
Several sectors experienced dramatic price increases, with education costs rising by 104.8%, housing by 93.2%, and hotels, cafes, and restaurants by 92.9%. These sectors have been particularly impacted by the inflationary pressures, causing significant financial strain for the average Turkish consumer.
Economists had previously forecast that inflation in Turkey, a nation of 85 million people, would peak around 75% before beginning to ease. The central bank of Turkey has maintained a high-interest rate of 50% since March in an attempt to combat the rising inflation. The bank reiterated its commitment to a tight monetary policy, stating, “The tight monetary stance will be maintained until a significant and sustained decline in the underlying trend of monthly inflation is observed.”
The country has been on a year-long journey of steadily hiking interest rates to cool down the soaring prices, resulting in considerable financial hardships for the populace. The government’s efforts to curb inflation through these measures are now anticipated to bring some relief in the coming months as economists expect the inflation rate to start easing.
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