Annual Inflation in Turkey reached a record level of 79%

Annual inflation in Turkey has reached 79%. This is the highest rate of inflation since 1998. Turkey’s statistics institute Turk State has released monthly figures.

In which it is revealed that, the annual inflation has touched 79%. The consumer price has increased to 4.95 per cent on a monthly basis.

These monthly statistics show that the livelihood crisis for ordinary people in Turkey is deepening. Although it is not only in Turkey, consumer prices are increasing in all countries.

Domestic Producer Price Index, June 2022
Domestic producer price index (D-PPI) increased by 138.31% on annual basis, by 6.77% on monthly basis
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— turkstat (@TurkStat) July 4, 2022

The value of the Turkish currency has also declined by 44% against the dollar last year. However, the main reason for rising inflation in Turkey is Russia Ukraine War, high energy and food prices, fall of lira etc.

Due to all these reasons, the population of 8.43 crore there is very upset. According to government data, the transportation price has increased by 123 points (37%) compared to last year.

The prices of food and non-alcoholic beverages have also gone up by 93%. In Turkey, 4 governors have been changed in the central bank within 2 years. Last year the lira had fallen by 44% against the dollar.

Consumer Price Index, June 2022
Consumer price index (CPI) increased by 78.62% annually and 4.95% monthly
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— turkstat (@TurkStat) July 4, 2022

The Turkish government introduced an unusual policy to keep the lira strong against the dollar without raising interest rates.Critics are blaming Turkey’s President Recep Tayyip Erdoğan for rising inflation and falling lira. 

The Independent Economist of the Inflation Research Group says that Turkey’s annual inflation for June was 175 points at 55%. Critics are also alleging that the agency is working under political pressure.

In recent months, senior Turk Stat officials have had to submit dismissals and resignations. For which the Government Interference was held responsible.