Key points

  • Inflation still runs wild in Turkey at 68.5%.
  • Education cost had the highest inflation by 104% YoY, followed by hotels and eateries at 95% and health at 80%.

Turkey’s inflation data shows increased inflation rates despite the central bank imposing continued rate hikes. Inflation rates are now 68.5%, up from February’s 67.1%.

Turkey’s inflation is still running wild

Despite efforts by Turkey’s Central Bank to push interest rates from 45% to 50%, inflation still runs wild. Much of the inflation rise is due to a policy to increase the minimum wage for 2024 to 17,002 Turkish Lira ($530) per month, a 100% hike YoY.

This hike risks the country experiencing embedded inflation. As such, economists expect further interest rate hikes to be announced to tame the wild inflation. However, this process is likely challenging, considering that the Turkish Lira has lost over 81% of its value against the dollar in five years.

Hope remains for the Turkish people as their Central Bank has been busy working on a turnaround policy to ease the pain in the markets and stabilize the Lira. This also shows that the Central Bank now has greater independence and is in a position to make the situation much easier going forward. However, only time will tell what happens now.

This material is meant for educational and recreational purposes only. It is not financial advice in any way; therefore, damage caused by the information provided here is not liable to the company or the writer in question. Please make due diligence and conduct your own research before taking any action prompted by the information provided above.

For more resources like this one, keep watching our website and remember to follow our socials to stay ahead of the curve. Thanks for believing in us. Your support is appreciated.  Linkedln Truth Social Reddit

Do you like our content and would love to support us more? You can use these addresses.

Ethereum: 0xe6814Bf3B50691BC1697E4B2717f5d204b67C7f6

Bitcoin: bc1qpeuuw7szfdkqd7hp66uhkas4huha8qkwxdgxtg

BNB Chain/BEP 20: 0xe6814Bf3B50691BC1697E4B2717f5d204b67C7f6