Inflation in Turkey rose to 25.24 percent on an annual basis in October, mainly due to the sharp fall in value of Turkish lira. The cheaper lira makes it much more expensive to import energy and food, for example.
The Turkish lira has fallen considerably this year, worrying about the influence of President Recep Tayyip Erdogan on monetary policy and the long diplomatic crisis between Turkey and the United States.
Food prices rose by 29.3 percent. Energy, transport, clothing and other services and products also became considerably more expensive for Turkish consumers. In September, the Turkish central bank, on the other hand, increased interest rates considerably in order to curb inflation.
Peretz M. is an accomplished economist and financial journalist with a deep understanding of the global economy and financial markets. He is a regular contributor to EconomicInform, where he provides expert analysis and commentary on current economic trends and events. With a strong educational background in economics, Peretz has a talent for breaking down complex economic concepts for a general audience and is able to provide insightful perspectives on a wide range of economic issues.
