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Inflation in Turkey is running at 59.8%

THE inflation reached 58.9% year-on-year in August in Turkey, the highest rate since December 2022, according to official data released today.

Consumer price inflation, fueled by the devaluation of the Turkish lira, reached 9.1% on a monthly basis.

Inflation had accelerated again in July to reach 47.8% year-on-year, after eight months of decline.

Inflation had eased to 38.2% year-on-year in June, its lowest level in a year and a half, after peaking at 85.5% in October 2022.

Although high, the official figures are disputed by independent economists at the Inflation Research Group (ENAG), which put the rise in consumer prices at 128%.

Turkey’s central bank, which raised its key interest rate from 8.5% to 25% in June to curb inflation, had in late July revised its year-end forecasts.

According to the central bank, inflation will reach 58% at the end of 2023 – more than double previous projections – before returning “to stability” from 2025.

Turkey has been experiencing double-digit inflation continuously since the end of 2019, making the cost of living unaffordable for many families.

Source: News Beast

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