annual inflation in Turkey hit 61.14% in The country’s statistics body said in March on Monday, climbing to a new 20-year Average.
The number was 54.4% in previous month and 16.19% in March 2021, according to the Turkish Statistical Institute (TurkStat).
The highest annual price more last month seen in Transportation with 99.12%, followed by food and non-alcoholic beverages at 70.33%, and home furnishings equipment by 69.26%.
It was the lowest annual increase posted by contact with 15.08% Education with 26.73%, clothing and shoes with 26.95%.
The price hike is part of that of An economic crisis exacerbated by the COVID-19 pandemic. Meanwhile, Russia invasion of Ukraine experienced a boom in Gas, oil and grain prices.
Hyperinflation in Turkey also follow series of benefit rate cuts late last year.
Center bank Reduce rates by 5 percent points Between September and December, but it remained unchanged at 14% this year.
The lira lost 44%. of worth against United State dollar last yeardecreased to a record a little of 18.41 against dollar in December before government currency detection protection scheme to promote national assets.
trying to soften the blow on families government she has also Implementing tax cuts on basic merchandise and have adjusted Electricity tariff.
Meanwhile, Minister of Treasury and Finance Noureddine Nabati on On Monday, he said they are making crucial decisions steps to ‘permanently’ reduce which rose to 61.1% of March and maintain price More in sustainable way. “
The minister was speaking in business Meeting in Northwest Turkish city of Market.
Monthly inflation of the country rate was 5.46% in March, up from 4.81% in February.
The highest The monthly increase was 13.29% in transportation between main Groups, while clothes and shoes posted lowest inflation rate with 1.78% according to the Turkish Statistical Institute.
a group of 15 average economists forecast annually rise of 60.95% in Consumer prices in March, poll conducted by Anadolu Agency (AA) found last week.
noting that world economythat was facing An exceptional period due to the epidemic over The last Two years, once shook again The war between Russia and Ukraine, finance minister Note that the economic effects of War, as well as the tragic individual and social Effects, affected all world.
the supply problemsEspecially in Agricultural products and energy, increase inflationary pressure on The countries, said Nabati, expressing hope for Peace is established between the two countries as soon as possible K result of Turkey Negotiations Meetings hosted Under the leadership of of President Recep Tayyip Erdogan.
Nabati drew attention to fact This is the biggest problem of The world economies in The last The period is increasing inflation.
“In Turkey, especially the temporary effects of Pricing formations far from economic fundamentals, increase in global Prices and supply of energy, food and agricultural commodities.side factors and demand Developments like turmoil in The supply process affects rise of swell,” he said.
We make critical decisions steps to reduce prices and ensure price More in sustainable way. For this purpose, we have removed the fluctuations in conversion rate in Shortly with Deposit and participation accounts protected in currencies and by offering various financial Tools ” minister He confirmed.
Nabati explained that they saw clearer and stronger effect of Currency Protected Deposit on Exchange rate Stable despite the Russo-Ukrainian war rise in Oil Prices and the Federal Reserve (Fed) decision to increase interest rates.
bis that first participants of the currency protection Planned system I started receiving payouts after the maturity periods expired on March 23, Nabati indicated that the balance of Currency-protected deposits, which amounted to 596 billion Turkish liras on That date amounted to 695 billion Turkish liras of 1 April.
Stabilization has been achieved in exchange ratethat one of The most important determinants of inflation, within-market Circumstances. with the steps We will take, and we will see that inflation will reach a reasonable level in the end of The year,” He said.
