Turkey’s Inflation Exceeds 80%

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According to figures released, Turkey’s annual inflation increased to 80. 21% in August, somewhat less than expected; after the central bank unexpectedly reduced interest rates and exacerbated a nearly one-year-old cost-of-living crisis.

Since the central bank steadily lowered its policy rate by 500 basis points to 14% last autumn, in an unconventional easing cycle pushed by President Tayyip Erdogan that sparked a lira crisis, inflation has exploded higher.

The sector with the biggest annual inflation was transportation, where costs increased 116. 87% year over year despite falling 1.78% month over month. Prices increased by 90.25 percent in the important food and non-alcoholic beverage industry.

Turkey continues to fight against inflation without stopping investment and production- Finance Minister Nureddin Nebati.

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