Non-Stop Inflation in Turkey at +47.83%

Turkey continues to struggle unsuccessfully with inflation. The new policy promoted by Erdogan that prioritizes the economy does not seem to be working: inflation hit 47.83% in July, boosting an already poor June figure of +38.21%. In addition, according to data released by the national statistical institute Tuik, prices from June to July rose by 9.49%. And even this data is greatly underestimated, say independent institutions.

The recent hike in interest rates from 8.5% to 15%, adopted by Turkish central bank governor Hafize Gaye Erkan to specifically counter the rising inflation, has not been effective, confirming the opinion of various analysts who call for more drastic measures.

Returning to the figures, consumer prices increased by 31%, in hotels and by 82.62% in cafes and restaurants. But prices are skyrocketing in all sectors: +75.95% in healthcare, +60.72% in food, +53.57% in education, +52.81% in various goods and services.