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.
-
Experts to Reveal Latest Assessment of Global Threats The Bulletin of the Atomic Scientists, a nonprofit organization founded in...
-
Summit Focuses on Aid for Ukraine as Internal Divisions Threaten Unified Action European heads of state are set to...
-
A transformative partnership to boost biodiversity, resilience, and gender equality in the face of climate change. The Philippines, in...
-
Claims by the ‘Crimea Combat Seagulls’ of poisoning two dozen Russian soldiers raise questions, prompting scrutiny and calls for...
-
According to the latest annual report from the Tokyo metropolitan government, Tokyo finds itself at the bottom of Japan’s...
-
A revealing look at the tensions, beliefs, and family dynamics within the British royal family In his latest book,...
-
A single-engine aircraft en route from the Czech Republic to Croatia crashes in western Austria, prompting an investigation into...
-
Historic Bust: Massive Counterfeit Coin Operation Exposed, Unveiling Unprecedented Scale of Fake Toonies in Canada. In a groundbreaking development,...
-
Global leaders from BRICS urge restraint, humanitarian truce, and diplomatic solutions to quell the Israel-Hamas tensions. In a landmark...
-
Secretary of State Antony Blinken calls for de-escalation as fighting displaces millions and raises concerns for upcoming Congo elections....
-
The government is taking action to stop the spread of the bloodsucking pests. The South Korean government has launched...
-
Landmark ruling highlights ongoing tax challenges for short-term rental platforms in Italy In a significant development, an Italian judge...