Prices in Turkey continue to soar and inflation rose by 61.36% last October, according to the latest data released by the Turkish Statistical Institute (TÜİK), representing a minimal improvement on the CPI increase recorded in September, when the inflation rate stood at 61.53%. Despite the poor figures, the inflation figure is lower than economists had expected, who had anticipated an increase of more than 62%.
The new governor of the Turkish Central Bank, Hafize Gaye Erkan, announced yesterday that she expects inflation in Turkey to reach 65% by the end of this year, rising to 70-75% by May 2024 before slowing to 36% by the end of that year. Since Erkan’s arrival in office, the central bank has made drastic interest rate increases, from the initial 8.5% to the current 35%, and most analysts agree that a further rate hikes to put interest rates above 40% are likely in the coming months.
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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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