Year-on-year inflation in Turkey skyrocketed again last July to reach 47.83%, after the rise in prices fell in June to 38.2%, its lowest data since December 2021. In this way the downward trend that prices had maintained in Turkey since the end of 2022 is broken, precisely just a few days after the Turkish Central Bank (TCMB) revised its forecasts on CPI increase for the end of the year, now calculating that inflation will reach 58% by the end of 2023 compared to its previous estimate of 22.3%. At the end of July, the TCMB announced a new drastic rise in interest rates of 250 basis points to 17.5%, in an attempt to contain the rise in prices and the depreciation of the Turkish lira.
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Edited and reviewed by:
Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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