Inflation reached 58.9 percent year-on-year in August in the country, the highest level since December 2022, according to official data published on Monday.
While prices rose by almost 60% compared to last August, they rose by 9.1% compared to the previous month, driven by the devaluation of the Turkish lira.
After eight months of decline, inflation began to accelerate again in July, reaching 47.8% year-on-year. The lowest level in a year and a half was 38.2% y/y in June, while the highest was 38.2% y/y in June. 85.5% in October 2022.
Although the official numbers are high, they may not even reveal the entire problem; Independent economists from Inflation Research Group (Enag) He expected the annual rise in consumer prices to reach 128%.
The Turkish Central Bank, whose mission is to protect price stability, has raised its key interest rate from 8.5% to 25% since June to curb inflation.
At the end of July, when inflation began to accelerate again, the bank revised its forecast, saying that inflation would reach 58% by the end of 2023 – more than double the previous forecast – before returning to “stability” from 2025.
Turkey has been witnessing continuous double-digit inflation since the end of 2019, making it difficult to afford the cost of living. Families all over the country.