While Official Figures Claim Turkey’s Inflation Rate Is 85%, Third-Party Stats Say It’s Closer to 200%

Inflation has skyrocketed in Turkey as official figures from the Turkish Statistical Institute (Tüik) show the country’s inflation rate topped 85.5% year-on-year. The inflation rate in Turkey has risen for 17 consecutive months and last month it reached a 24-year high.

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Turkey’s Interest Rate Remains Low, While Inflation Runs Rampant

Turquie, the transcontinental country located in Western Asia has been suffering from financial hardship as the region’s economy is in dire straits. On Nov. 3, 2022, the Turkish Statistical Institute (Tüik) published the country’s official inflation rate figures and stats show the rate reached 85.5% year-on-year.

Rapports further indicate that the cost of living in Turkey has risen dramatically and the Tüik report shows that food prices in Turkey climbed 99% higher year-on-year. Housing and rent jumped by 85% for Turkish residents. En octobre. 20, 2022, Turkey’s central bank and Turkish president Recep Tayyip Erdogan cut the region’s benchmark bank rate by 150 points de base (points de base).

It was the third consecutive month of cuts according to stats and Erdogan explained in September that interest was an enemy. “My biggest battle is against interest. My biggest enemy is interest,” Erdogan déclaré in late September. He also noted at the time that the interest rate needs to “come down further” despite the red-hot inflation.

The International Monetary Fund (Le FMI avertit que les sanctions contre la Russie menacent de saper la domination du dollar américain) has also exhorté Turkey to raise the country’s benchmark rate. Reports say that delegation was sent from the IMF to Ankara and Istanbul to get people from both the public and private sectors to find a solution to Turkey’s economic turmoil.

“Policy rate cuts in late 2021 added to existing vulnerabilities and were followed by lira depreciation and high inflation,” the IMF said. “The mission recommended early policy rate hikes accompanied by moves to strengthen the central bank’s independence. Such moves would help reduce inflation more durably.

Despite the Turkish Statistical Institute’s official inflation numbers, third-party figures tell a whole different story. Economists stemming from the Inflation Research Group (Enag) detail that Turkey’s annual increase in inflation is closer to 185.5%. Researchers say the Enag Inflation Index has dynamic attributes that adjust more quickly to changes in Turkish consumption habits.

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185%, 85%, Bank Rate, Cut Rates, Enag Inflation Index, Erdogan, Le FMI avertit que les sanctions contre la Russie menacent de saper la domination du dollar américain, inflation, taux d'inflation, Inflation Rates, Inflation Research Group (Enag), Fond monétaire international (Le FMI avertit que les sanctions contre la Russie menacent de saper la domination du dollar américain), Lower Rate, official inflation numbers, Des chercheurs, Tayyip Erdoğan, Third Party, Turquie, Turkey inflation, Turkish inflation, ​​Turkish Statistical Institute

What do you think about Turkey’s skyrocketing inflation rate and president Recep Tayyip Erdogan suppressing interest rates? Faites-nous savoir ce que vous pensez de ce sujet dans la section commentaires ci-dessous.

Jamie Redman

Jamie Redman est le responsable de l'information chez Bitcoin-Tidings.com News et un journaliste spécialisé dans les technologies financières vivant en Floride. Redman est un membre actif de la communauté des crypto-monnaies depuis 2011. Il a une passion pour Bitcoin, code open-source, et applications décentralisées. Depuis septembre 2015, Redman a écrit plus de 6,000 articles pour Bitcoin-Tidings.com Actualités sur les protocoles perturbateurs qui émergent aujourd'hui.




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