Turkey’s Annual Inflation Rate Hits Highest Level in 2 Years

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Turkey’s consumer price index (CPI) increased by an annual 17.53% in June and drove the rate of inflation to the highest level in the last two years, Turkish Statistical Institute (TurkStat) said on Monday.

“A rise in general index was realized in CPI (2003=100) on the previous month by 1.94%, on December of the previous year by 8.45%, on same month of the previous year by 17.53% and on the twelve months moving averages basis by 14.55% in June 2021,” TurkStat said.

According to TurkStat, while the lowest annual increase was 2.01%, in alcoholic beverages and tobacco, the highest price increase was in transportation with 26.29%, followed by furnishings and household equipment with 25.69% and food and non-alcoholic beverages with 19.99%.

In recent years, there has been a deterioration in the Turkish economy which has been characterized by the Turkish lira’s plunging and rising inflation. There has also been increasing political interference at the central bank in Turkey. The Turkish economy declined especially after Naci Agbal was fired from the post of Central Bank governor by Turkish President Recep Tayyip Erdogan in March.

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