The rise in consumer prices reached 36,08% on an annual basis in December at Turkey, record height since September 2002 due to its collapse Turkish lira, according to the official data given today, Monday (3/1) to the public.
More specifically, its height inflation is seven times larger from the original target of the government, is explained by the sharp decline of the Turkish pound which has lost 45% of its value against the dollar on an annual basis.
Inflation, which reached 21.31% in November, has become an explosive political issue in Turkey, 18 months before the June 2023 presidential election, according to the APE-MPE. In recent months, the Turkish opposition has accused the National Statistical Service of deliberately underestimating inflation and rising prices.
For Turkish citizens, the collapse of the pound translates into a spike in prices, with the country being dependent on imports, mainly for raw materials and energy. After weeks of historic losses, the Turkish pound recovered in mid-December thanks to urgent measures announced by the president Recep Tayyip Erdogan and massive dollar sales, but the Turkish currency has been falling against the dollar again for a week.
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