Prices appear to remain out of control in Turkey, where cumulative inflation rose above expectations in August to 58.9% last month, according to the latest data released today by the Turkish Statistical Institute (TÜİK), having already broken the downward trend – which it had maintained since the beginning of the year – in last July, when a price increase of 47.8% was registered. The August inflation figure in fact exceeds economists’s expectations, who had anticipated an increase of around 56.4%.
The main price increases in August compared to the previous month were recorded in transport (16.6%), food (8.5%), clothing and footwear (8.3%), health (8%), catering (7.1%), housing (6.7%) and communications (4.3%). Recently, the Turkish Central Bank announced a record interest rate hike from 17.5% to 25% in an attempt to control inflation, which the bank predicted in its last report that would reach 58% by the end of the year.
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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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