Inflation in Turkey jumps to 59%

Inflation reached 58.9% year-on-year in August in the country, the highest since December 2022, according to official data published on Monday.

While prices increased almost 60% compared to last August, they rose by 9.1% compared to the previous month, fuelled by the depreciation of the Turkish lira.

Following eight months of decline, inflation started accelerating again in July, reaching 47.8% year-on-year. Its lowest level in a year and a half was 38.2% year-on-year in June, while its highest was 85.5% in October 2022.

Although the official figures are high, they might not even reveal the entirety of the problem; independent economists from the Inflation Research Group (Enag) put the year-on-year rise in consumer prices at as high as 128%. (www.euronews.com)

The post Inflation in Turkey jumps to 59% appeared first on DailyNews.