Turkey Faces Severe Inflation... Last Month's Price Increase Rate at 78.6%

[Asia Economy Reporter Changhwan Lee] Turkey's inflation rate has reached its highest level in 24 years.

Turkey's official statistical agency, TurkStat, announced on the 4th that prices rose 78.6% compared to the same month last year.

This is the highest figure since January 1998.

Transportation costs increased by 123.37%, food and beverage costs by 93.93%, and household goods expenses by 81.14%.

Turkey is experiencing a rapid rise in prices due to the combined effects of the COVID-19 economic crisis and soaring energy and grain prices caused by Russia's invasion of Ukraine.

In January this year, the minimum wage was raised by 50%, and gas, electricity, road tolls, and bus fares were consecutively increased, adding further inflationary pressure.

It is also analyzed that the policy of the Central Bank of Turkey, which maintains a stance of lowering the benchmark interest rate despite rising prices, has influenced the inflation increase.

This content was produced with the assistance of AI translation services.