[News] The cost of living in Turkey...the worst figure in 20 years

[Love Pulse]

https://www.msn.com/ar-ae/money/news/تكلفة-المعيشة-في-تركيا-تسجيل-أسوأ-رقم-منذ-20-عاما/ar-AAVPELc?li=BB1ebCer

 

 

Turkey's annual inflation rate reached 61.14 percent on Monday, setting a new record for 20 years, exacerbating the cost of living crisis that many Turks suffer from.

The Turkish Statistical Institute revealed that consumer prices increased by 5.4 percent in March compared to the previous month, bringing the annual inflation rate from 45.44 percent in February to more than 61 percent.

 

The highest annual price rises were recorded in the transportation sector at 99.12 percent, while food prices rose by 70.33 percent, according to the data, in the largest increase recorded in two consecutive years since March 2002.

 

The increase in prices is part of an economic crisis exacerbated by the Corona pandemic. At the same time, the Russian invasion of Ukraine sent a jump in the prices of gas, oil, and grain.

 

Related news

 

The war of Russia and Ukraine casts a shadow... the world economy is paying the price

Who are the winners and losers of the Ukrainian crisis?

A hot issue shakes Turkey.. The economy is paying the price for the collapse of the lira

Erdogan dismisses Statistical Authority chief after 'grave mistake'

The hyperinflation in Turkey comes after a series of interest rate cuts last year, which came based on the opposition of Turkish President Recep Tayyip Erdogan to the high cost of lending, and in an attempt to boost growth, investment and exports. Contrary to well-established economic thinking, the Turkish president argues that high rates cause inflation.

 

The central bank cut interest rates by 5 percentage points between September and December, but they have remained unchanged at 14 percent this year.

 

The Turkish lira, which lost 44 percent of its value against the dollar last year, fell to 18.41 against the dollar in December, a new record.

 

The weak performance of the currency caused inflation in the import-dependent Turkish economy.

 

In an effort to ease the burden on Turkish families, the Turkish government implemented tax cuts on basic goods and an electricity tariff adjustment.