Turkish inflation accelerates the highest level

Annual inflation in Turkey accelerated to 48.69% in January 2022, the highest rate in 20 years.

Thus, the annual inflation rate in the country increased from 36.08% recorded in December 2021 to 48.69% in January 2022. Consumer prices in the country increased by 11.1%.

In 2021, the annual inflation rate in Turkey rose to 36.08% due to the continuous fluctuations in the lira. The decline of the national currency intensified after several interest rate cuts by the Turkish Central Bank.

On January 30, Turkish President Recep Tayyip Erdogan dismissed the head of the National Statistics Agency, Sait Erdal Dinger, after publishing data on unemployment and inflation in the country.

On December 21, 2021 Erdogan presented the government’s plan aimed at containing volatility and correcting the situation with rising inflation. Thus, Ankara expects to offset the costs of deposits and deposits in lira, which may arise as a result of fluctuations in the exchange rate.

 

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