(City, Date) – Annual inflation in Türkiye rose to 58.9% in August 2023, the highest level in 20 years, according to data released by the Turkish Statistical Institute (TÜİK). The increase was driven by rising food and energy prices. The Turkish lira has lost about half of its value against the US dollar in the past year, making imports more expensive.
The inflation rate has been rising steadily in Türkiye since the beginning of the year. In January, it was 15.4%. In February, it was 16.1%. In March, it was 19.7%. And in April, it was 23.7%.
The government has taken some steps to try to control inflation, such as raising interest rates and imposing price controls on some goods. However, these measures have so far been unsuccessful.
The high inflation rate is causing hardship for many Turkish people. Wages have not kept up with the rising prices, so people are struggling to make ends meet. The government is under pressure to do more to address the problem.
In a statement, the Treasury and Finance Ministry said that it is “absolutely determined to fight inflation.” However, the ministry acknowledged that “the fight against inflation will take some time.”
The high inflation rate is also having a negative impact on the Turkish economy. It is making it more expensive for businesses to operate, and it is discouraging investment. The economy is expected to grow by only 2.5% this year, the lowest rate in many years.
The government is hoping that the recent depreciation of the Turkish lira will help to boost exports and reduce inflation. However, it is too early to say whether this will have the desired effect.
The high inflation rate is a major challenge for the Turkish government. It is a problem that will not be easy to solve.
