Inflation has skyrocketed in Turkey as official figures from the Turkish Statistical Institute (Tüik) show the country’s inflation rate topped 85.5% year-on-year. The inflation rate in Turkey has risen for 17 consecutive months and last month it reached a 24-year high.
Turkey’s Interest Rate Remains Low, While Inflation Runs Rampant
Turkey, the transcontinental country located in Western Asia has been suffering from financial hardship as the region’s economy is in dire straits. On Nov. 3, 2022, the Turkish Statistical Institute (Tüik) published the country’s official inflation rate figures and stats show the rate reached 85.5% year-on-year.
Reports further indicate that the cost of living in Turkey has risen dramatically and the Tüik report shows that food prices in Turkey climbed 99% higher year-on-year. Housing and rent jumped by 85% for Turkish residents. On Oct. 20, 2022, Turkey’s central bank and Turkish president Recep Tayyip Erdogan cut the region’s benchmark bank
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