Data puts Turkey’s annual inflation at 78.6%, a 24-year high

The Associated Press ^ | July 4, 2022

[Oldeconomybuyer]

ISTANBUL (AP) — Annual inflation in Turkey hit 78.62% in June, the highest rate since 1998, according to official data released Monday.

The Turkish Statistical Institute, or TurkStat, released the monthly figures as Turkey is experiencing a deepening cost-of-living crisis. Consumer prices rose by 4.95% on a monthly basis, the institute reported.

Turkey’s central bank had cut rates by 5 percentage points since September, to 14%, before pausing the cuts in January. The Turkish lira lost 44% of its value against the U.S. dollar last year.

The sharpest increases in annual prices were in the transportation sector, at 123.37%, followed by food and non-alcoholic drinks prices at 93.93%, according to official data.

TurkStat’s figures have been questioned by economists, who allege the agency is subject to political pressure. The dismissals and resignations of senior TurkStat officials in recent months have added to claims of government interference.

The Inflation Research Group, which is made up of independent economists, on Monday said Turkey’s true level of annual inflation for June was 175.55%.

[Jolla]

“The Turkish lira lost 44% of its value against the U.S. dollar last year.”

If I was not busy with a project I would go back for a couple of weeks in Istanbul. Lots to see and the people and food are wonderful. No drinking in restaurants ie beer/wine but in the european hotels it is not problem. My favorite place to buy souvenir nick nacks.

[Gen.Blather]

This is what happens when you have an absolute idiot in charge. Recep Tayyip Erdoğan apparently wanted to pull a version of China’s growth trick. (One example is, just creating new money and using it to pay people to build things.) But Chinese currency is not traded internationally so the same sort of manipulation(s) to force growth won’t work. Turkish currency is traded so it will seek the level of exchange that is “real.” Every time the manager of the country’s tried to slow inflation, Erdogan fired him. (Including handpicked people that HE put there.)

[Clemenza]

Funny I found plenty of places to get beer in Istanbul, and even wine and Raki - you just need to pay a very high tax.

[Jolla]

Yes they do have liquor stores.

[GaltAdonis]

TRILLIONS and TRILLIONS of monetary COVID 'stimulus' dollars
added to the money supply, folks. Think about that.

We here in the US are no more immune to hyperinflation than we are
to the law of gravity.

The 'Weimer Wheelbarrows' may be coming to your favorite grocery
store sooner than you think - (probably).
Heck - it's happening NOW before our eyes.

A $1500 ($15,000?) dollar charge to your debit card to pay your
grocery bill takes no more bits and electricity than the $150 one did.

I surely hope NOT - but I see no orderly end to this mess.
Nor a particularly peaceful one, either.

Call me a 'Doom & Gloomer' if you want - but I surely don't
WANT to BE one. Just calling it as I see it.

[upchuck]

Hey wait a minute. Didn’t FJB say the US inflation rate was the highest in the world?

Whipped and beat by Turkey. Ain’t that something?