Turkey annual inflation rose to 47,83 percent in July

The annual inflation rate in Turkey rose to 47.83 percent in July, compared to 38.2 percent as per official data revealed on Thursday.

This new figure aligns with the recent expectations, coming a week after the Central Bank raised its year-end forecast to 58 percent from 22.3 percent. This move came after years of doubts from independent economists regarding the official rate.

The official rate has been steadily declining since it reached its highest level in over two decades at 85 percent in October of last year. The Central Bank and economic experts expect it to rise again starting from July.

In her first press conference last week, the new governor of the Central Bank, Hafize Gaye Erkan, announced that inflation would rise "temporarily" due to the surge in the exchange rate of the Turkish lira and fiscal measures.

During the tenure of the previous executive at Türkiye Cumhuriyeti Ziraat Bankası (First Republic Bank) and Goldman Sachs, the Turkish Central Bank raised interest rates twice, from 8.5 percent to 15 percent.

 

 

 

 

 

 

 

 

 

 

 

 

 

AFP