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Samson » January 3rd, 2022

Turkey records the highest inflation rate in 20 years

3rd January, 2022

Inflation in December reached 36.08% at an annual rate in Turkey, at a record rate since 2002 due to the collapse of the exchange rate of the Turkish lira, according to official figures published Monday.    

This rise in consumer prices, which is seven times higher than the government’s primary goal, is due to the significant decline in the exchange rate of the Turkish lira, which lost 45% of its value against the dollar over a year.  

The inflation rate, which reached 21.31% in November, has become an explosive political topic in the country 18 months before the next presidential elections scheduled for June 2023.    

In recent months, the opposition accused the National Statistics Office of deliberately and broadly underestimating the price hikes.   

The collapse of the national currency is reflected in Turkish citizens with a significant rise in prices, which is difficult to bear, as the country depends a lot on imports, especially priority materials and energy.    

After recording a record decline over several weeks, the Turkish lira improved significantly in mid-December, following emergency measures announced by President Recep Tayyip Erdogan and the sale of large amounts of reserves in dollars, but the national currency resumed its decline against the US dollar a week ago.    LINK

Source: Dinar Recaps

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