Inflation accelerated in February to 54.4%. every year from 48.7% in January. Although analysts expected the price growth rate to exceed 50%, their average forecast was slightly lower and pointed to 52.9%. On the other hand, compared to January, prices in February increased by an average of 4.8%.
Producer Price Index Inflation What are the prices that producers receive for two products – they were in February 105 percent every year. energy prices On average by 83 percent per year of 76.4 percent. in january. Turkey recently lowered taxes on household energy consumption, but the effects won’t be visible until March, according to Bloomberg.
annual increase in food prices, Which accounts for nearly a quarter of the consumer basket, has accelerated to 64.5 percent. from 55.6% in January, despite government cuts in food taxes.
Inflation in Turkey will not leave
Prices on the Bosphorus have risen at an astonishing pace for several months. While the price hike was gaining momentum Erdogan, who is practically managing monetary policy, called for further rate cuts, This further increased prices and weakened the Turkish currency.
In February, Turkey’s central bank kept interest rates unchanged for the second month in a row after cutting them by 500 basis points at the end of 2021. The cuts increased consumer prices.
This year, the Turkish currency has already lost 5.8 percent. Its value against the dollar. Recently, investors have been shunning riskier assets in the face of a series of sanctions imposed on Russia over its aggression against Ukraine. Turkey’s central bank will hold another interest rate meeting on March 17th.
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