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.
-
What Caused the Plane Crash? The tragic crash of Azerbaijan Airlines Flight 190 in western Kazakhstan has left 38... -
In a whirlwind 24 hours that rocked South Korea, President Yoon Suk Yeol’s surprise martial law declaration and its...
-
Goodbye to Bob Bryar, A Key Figure in My Chemical Romance’s Journey In a heartfelt announcement, My Chemical Romance...
-
Joe Biden’s Sudden Pardon for Hunter Raises Eyebrows and Divides Opinion on Justice System Integrity In a surprising and...
-
Royal fans are buzzing over a hidden detail in Queen Mary of Denmark’s latest portrait, which seems to speak...
-
Once again, Iceland’s fiery landscape captures global attention as the Reykjanes Peninsula experiences its tenth volcanic eruption in just...
-
Credit: Unsplash Let’s face it, some of the best food in the world isn’t found in fancy restaurants. Nope,...
-
Credit: Envato Elements Let’s be honest—traveling around Europe is a dream we all share, but there’s a not-so-fun side...
-
Canada’s Labor Minister, Steven MacKinnon, has taken decisive action to end the recent labor disruptions affecting key ports in...
-
In a significant development, over 30,000 Boeing workers have rejected a new offer from the company, which included a...
-
Chinese President Xi Jinping delivered a strong message of resilience and determination during a speech commemorating the 75th anniversary...
-
In a historic move, Volkswagen AG, one of the leading global automakers, announced it is considering the closure of...
