Saturday, May 18, 2024

Inflation in Turkey is close to 100%, the most violent wave in 24 years

Date:

According to data prepared by the Istanbul Chamber of Commerce, inflation in Istanbul rose to 99.11%. This rate was the highest inflation rate recorded since 1998.

Inflation in Istanbul has not yet abated

Inflation increased by 4.03% month-on-month in June and 4.09% in July. Health and personal expenses saw the highest price hike of 17.31%.

In the last month, expenditure on household goods accounted for 7.70%, expenditure on food 4.83%, expenditure on culture, education and entertainment 4.44%, expenditure on clothing 2.63%, expenditure on housing 2.15%, and 0.81% on other expenditure. 4.55% decrease in transport and communication expenditure.

Besides, the wholesale price increased by 3.10% in the last month.

Last year, wholesale prices rose 87.95%. The unprocessed goods sector recorded the highest price increase of 6.03%. The mining sector saw the highest price rise last year.

Headline inflation for the country will be announced on Wednesday at 10:00. Inflation has now reached 78.62% and is expected to cross 80%.

URGENT: Suffering Continues.. Lira Falls, Turks Await Electricity Tariff Hike

The lira falls

As the value of the dollar against the Turkish lira on the currency market is trading today in Turkey, by 01:00 pm local time – 17.9424 Turkish lira to buy 17.9523 Turkish lira selling price, an increase of 0.0255 points, and an exchange rate of 0.14% The dollar against the lira will record its highest value today at 17.9612 is expected to reach 17.8565 Turkish Lira at the same time.

The dollar index fell to its lowest level since May after the US Federal Reserve decided to raise interest rates last week.

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The Turkish lira was negatively affected by important data released last weekend. On Friday morning, the Statistics Agency released data showing that Turkey’s trade budget deficit rose 185% year-on-year in June to 8.167. billion US dollars.

Turkey’s imports in June amounted to $31.595 billion, an increase of 39.7 percent, while exports rose only 18.7 percent, equal to $23.428 billion.

The performance of the Turkish dollar pair has continued to rise towards its highest level since last December, when the Turkish lira saw its decline due to the effects of military operations between Russia and Ukraine and, in addition to their consequences, the effects of interest rate cuts. on food and energy prices.

Urgent: Poverty and hunger map widens under Erdogan…135% increase in one year

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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