Turkey's annual inflation rate almost reached 65% in December, and by May 2024 it could reach 70-75%. The agency reported this Inside Paper with reference to data from Agence France-Presse (AFP).
Turkey's official annual inflation rate rose to 64.77% in December from 61.98% in November. It is noted that President Recep Tayyip Erdogan's team of economists is market-oriented and expects inflation to begin to decline from near-record highs within four months.
“The underlying inflation trend has improved slightly and inflation expectations have stabilized in recent months,” the agency quotes Bartosz Sawicki, market analyst at investment house Conotoxia.
At the same time, the publication emphasizes that after the elections in May, Erdogan completely revised his approach to the economy, allowing him to raise the key rate.
Earlier, on November 23, the Central Bank of Turkey announced another increase in the key rate from 35 to 40%. Inflationary pressure factors remain in the country, the regulator’s representatives added. The last time the regulator raised the key rate on October 26 from 30 to 35%. At the same time, it was noted that in the third quarter, inflation was higher than expected.
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