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Latest Turkey Inflation Rate of 79.6% the Highest in 24 Years — Weakening Lira and Russia-Ukraine War Blamed

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According to the latest data from the Turkish Statistical Institute, the annual inflation rate in the country for the month of July was 79.6%, which is the highest rate in 24 years. Rising travel costs, food and non-alcoholic beverages were among the product categories that contributed to the overall increase in rates.

Transportation costs have risen the most

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The consumer inflation rate in Turkey jumped to 79.60% in July, the highest level in 24 years, while the monthly level was 2.37%. data from the Turkish Statistical Institute (TSI). According to the data, transportation costs, which rose by 119.1%, were one of the four main commodity groups whose prices rose faster than the consumer price index (CPI).

Turkey's latest inflation rate of 79.6% was the highest in 24 years, blamed on the weakening lira and the war between Russia and Ukraine
Source: Turkish Statistical Institute.
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Three other commodity groups whose inflation rate exceeded 79.6% are food and non-alcoholic beverages, which increased in price by 94.65%, furniture and household appliances (88.35%), and alcoholic beverages and tobacco (82. 66%).

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However, according to TSI, although the transportation group is listed as the group with the largest monthly gains, the data shows that it is also the only major group that recorded a negative monthly gain of approximately -0.85%. On the other hand, the health group showed the highest monthly increase of 6.98%, followed by the alcoholic beverages and tobacco group, where the increase was 6.85%.

Price growth accelerated in 2022

Although the inflation rate in Turkey has been on an upward trend since 2021, starting from January 2022, the rate of price growth has accelerated. This is confirmed by the latest TSI data, which shows that since December 2021, prices have increased by an average of 45.72%. At the same time last year, prices rose by 10.41%, and a year earlier – by 6.37%.

Meanwhile, according to Reuters reportTurkey’s rapidly depreciating local currency, as well as the impact of the ongoing Ukrainian-Russian war, are among the main factors driving prices up. Despite a rate hike to levels last seen in 1998, Turkey’s central bank has reportedly said it expects a cut to 42.8% by the end of 2022.

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