AP

Turkish leader names new statistics chief as inflation rises

Jan 29, 2022, 2:52 AM | Updated: Jan 30, 2022, 2:19 am

ISTANBUL (AP) — Turkey’s president has fired the head of the Turkish Statistical Institute, which is responsible for posting official inflation statistics, among other data, at a time when prices have skyrocketed in Turkey.

Tukish President Recep Tayyip Erdogan’s decision was announced Saturday on the Official Gazette. He replaced Sait Erdal Dincer less than a year after his appointment with Erhan Cetinkaya, who served as vice president of Turkey’s banking regulation agency. No reason was given for the move.

Turkey has experienced economic turmoil with an unstable national currency, triggered by massive interest rate cuts. Erdogan stands strongly against high interest rates, claiming they cause inflation, a stance that contradicts established economic theory. Since September, the Central Bank has cut rates by 500 basis points to 14%, but stopped its cuts in January.

Turkey relies heavily on imports for its energy needs and consumer goods. Inflation on consumer prices for December was officially announced at 36.08%, up from 21.31% in November.

But opposition parties have questioned the Turkish Statistical Institute’s independence and its data is being challenged. Independent experts at Inflation Research Group, or ENAG, say Turkey’s actual annual inflation for December was 82.81%.

On Saturday, Erdogan acknowledged the effects of high inflation, blaming it on “artificial fluctuations” of the Turkish lira in December. He said Turkey had taken precautions and stabilized the currency.

“You know our fight against interest rates. We will lower interest rates and we have done so,” he told supporters in northern Giresun province. “Know that inflation will also drop, it will decrease more.”

Turkey’s Central Bank revised its inflation predictions this week to 23.2% by the end of 2022 and down to 5% by the end of 2024. The statistics agency will announce the next round of inflation data on Feb. 3.

Erdogan also announced that former Justice Minister Bekir Bozdag would return to his post, replacing Abdulhamit Gul, who had served as minister since 2017 but resigned without saying why.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

An Apache group that has fought to protect land it considers sacred from a copper mining project in...

Associated Press

A US appeals court ruling could allow mine development in central Arizona on land sacred to Apaches

An Apache group that has fought to protect land from a copper mining project in central Arizona suffered a significant blow.

2 hours ago

On Friday, March 1, 2024, the U.S. Food and Drug Administration said yogurt sold in the U.S. can ma...

Associated Press

Eating yogurt may reduce risk of type 2 diabetes, FDA says

Eating at least two cups of yogurt a week might reduce the risk of type 2 diabetes, the U.S. Food and Drug Administration said.

4 hours ago

Arizona will not approve new housing construction on the fast-growing edges of metro Phoenix that r...

Associated Press

Arizona Senate passes plan to manage rural groundwater, but final success is uncertain

A plan to manage rural groundwater passed the Arizona Senate amid concerns about the availability of sufficient water for future generations.

2 days ago

A woman pauses while shopping at a Kohl's store in Clifton, N.J., Jan. 26, 2024. On Thursday, Feb. ...

Associated Press

Federal Reserve’s preferred inflation gauge picked up last month in sign of still-elevated prices

An inflation gauge favored by the Federal Reserve increased in January, the latest sign that the slowdown in U.S. consumer price increases is occurring unevenly from month to month.

3 days ago

This undated image provided by Mikel Desmond shows his brother Marcus Tessier, who turned up in Dem...

Associated Press

Missing teen with autism found in New Mexico, about 200 miles away from his Arizona home

A missing teen with autism has been found in New Mexico — about 200 miles away from his home in southern Arizona.

3 days ago

A newly released report on last year’s fatal crash involving a pickup truck and a group of bicycl...

Associated Press

Report suggests steering of vehicle that caused fatal Goodyear bicycle crash worked fine

A new report on last year’s fatal Goodyear bicycle crash has cast doubts about the driver’s claim the vehicle’s steering locked up.

4 days ago

Sponsored Articles

...

Collins Comfort Masters

Here’s 1 way to ensure your family is drinking safe water

Water is maybe one of the most important resources in our lives, and especially if you have kids, you want them to have access to safe water.

...

Fiesta Bowl Foundation

The 51st annual Vrbo Fiesta Bowl Parade is excitingly upon us

The 51st annual Vrbo Fiesta Bowl Parade presented by Lerner & Rowe is upon us! The attraction honors Arizona and the history of the game.

...

Collins Comfort Masters

Avoid a potential emergency and get your home’s heating and furnace safety checked

With the weather getting colder throughout the Valley, the best time to make sure your heating is all up to date is now. 

Turkish leader names new statistics chief as inflation rises