EBN – According to official data released on Monday, Turkey is battling with a huge 58.9% yearly inflation rate for August. This marks the highest level since December 2022.
Furthermore, the unsettling figure asserts a persistent rise in prices, which hiked by approximately 60% compared to last year.
Additionally, prices rose by 9.1% in August compared to the previous month, mainly due to the Turkish lira depreciation.
This resurgence in inflation commenced in July, following eight months of gradual decline when it reached 47.8% yearly.
In contrast, inflation touched its lowest point in June, registering at 38.2% yearly, while its peak reached 85.5% in October 2022.
Experts Suggest Real Inflation May Be Even Higher
However, independent experts from the Inflation Research Group (Enag) suggest that the official figures may not reveal the full crisis. They estimate a yearly rise in consumer prices as high as 128%.
Additionally, the Turkish Central Bank has raised its interest rate from 8.5% to 25% since June to counter this crisis.
As inflation rose again in July, the bank projected it would get to 58% by year-end. These figures represent over two times the previous projections and expect a return to stability only by 2025.
Turkey has fought this persistent crisis since late 2019, placing a heavy burden on families throughout the country.
