AP

Data puts Turkey’s annual inflation at 78.6%, a 24-year high

Jul 4, 2022, 12:55 AM | Updated: 1:28 am

ISTANBUL (AP) — Annual inflation in Turkey hit 78.62% in June, the highest rate since 1998, according to official data released Monday.

The Turkish Statistical Institute, or TurkStat, released the monthly figures as Turkey is experiencing a deepening cost-of-living crisis. Consumer prices rose by 4.95% on a monthly basis, the institute reported.

While many countries are seeing rising consumer prices, critics blame Turkey’s problems on President Recep Tayyip Erdogan’s economic policies.

The Turkish leader insists that high borrowing costs cause inflation — a position that contradicts established economic thinking — and advocats lowering interest rates to boost growth and exports.

Turkey’s central bank had cut rates by 5 percentage points since September, to 14%, before pausing the cuts in January. The Turkish lira lost 44% of its value against the U.S. dollar last year.

Russia’s invasion of Ukraine, which led to a surge in gas, oil and grain prices, has compounded the situation in import-reliant Turkey.

The sharpest increases in annual prices were in the transportation sector, at 123.37%, followed by food and non-alcoholic drinks prices at 93.93%, according to official data.

TurkStat’s figures have been questioned by economists, who allege the agency is subject to political pressure. The dismissals and resignations of senior TurkStat officials in recent months have added to claims of government interference.

The Inflation Research Group, which is made up of independent economists, on Monday said Turkey’s true level of annual inflation for June was 175.55%.

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 This material may not be published, broadcast, rewritten or redistributed.

AP

Republican presidential candidates, from left, former Arkansas Gov. Asa Hutchinson, former New Jers...

Associated Press

3rd Republican presidential debate is set for Nov. 8 in Miami, with the strictest qualifications yet

The third Republican presidential debate will be held in Miami on Nov. 8, a day after several states hold off-year elections.

5 days ago

During the equinox, the Earth’s axis and its orbit line up so that both hemispheres get an equal ...

Associated Press

The fall equinox is here. What does that mean?

The equinox arrives on Saturday, marking the start of the fall season for the Northern Hemisphere. But what does that actually mean?

5 days ago

Ray Epps Ray Epps, an Arizona man who became the center of a conspiracy theory about Jan. 6, 2021, ...

Associated Press

Ray Epps, an Arizona man who supported Trump, pleads guilty to Capital riot charge

Ray Epps, the target of a conspiracy theory about the Jan. 6, 2021, attack, pleaded guilty on Wednesday to a misdemeanor charge.

7 days ago

Former President Donald Trump repeatedly declined in an interview aired Sunday, Sept. 17, 2023, to ...

Associated Press

Trump refuses to say in a TV interview how he watched the Jan. 6 attack unfold at the US Capitol

Former President Donald Trump repeatedly declined in an interview aired Sunday to answer questions about whether he watched the Capitol riot.

11 days ago

This frame grab from video, provided by the Mexican government, shows Ovidio Guzman Lopez being det...

Associated Press

Mexico extradites son of ‘El Chapo,’ Ovidio Guzman Lopez to US

The son of notorious cartel leader Joaquin “El Chapo” Guzmán, Ovidio Guzman Lopez was extradited to the U.S. on Friday.

11 days ago

impeachments in US history...

Associated Press

A look at notable impeachments in US history, including Texas Attorney General Ken Paxton

Texas Attorney General Ken Paxton was acquitted Saturday on during his impeachment trial. Here's a roundup of impeachments in U.S. history.

11 days ago

Sponsored Articles

...

SCHWARTZ LASER EYE CENTER

Key dates for Arizona sports fans to look forward to this fall

Fall brings new beginnings in different ways for Arizona’s professional sports teams like the Cardinals and Coyotes.

...

Ignite Digital

How to unlock the power of digital marketing for Phoenix businesses

All businesses around the Valley hopes to maximize their ROI with current customers and secure a greater market share in the digital sphere.

...

Mayo Clinic

Game on! Expert sports physicals focused on you

With tryouts quickly approaching, now is the time for parents to schedule physicals for their student-athlete. The Arizona Interscholastic Association requires that all student-athletes must have a physical exam completed before participating in team practices or competition.

Data puts Turkey’s annual inflation at 78.6%, a 24-year high