Inflation in Turkey showed a sharp drop in December
In Hyper-Inflationary Turkey, a New 64% Reading Is Good News for Erdogan
Consumer prices for the year rose by 64.27% in December, the Turkish Statistical Institute announced on Tuesday, down from 84.39% reported in November. While the pandemic and Russia’s invasion of Ukraine have stoked inflation around the world, experts say higher prices in Turkey were fueled by Erdogan’s belief that high borrowing costs lead to higher prices. Traditional economic thinking says that raising rates helps bring inflation under control.
Erdogan, who faces an election in June, had promised a drop in the inflation rate in the new year and is likely to tout the fall in consumer prices during his electoral campaign.In steps geared toward the election, the Turkish president has raised the minimum wage by 55% to ease economic hardships and also announced a measure that would allow more than 2 million people to retire early despite warnings of the move’s additional budgetary burden.
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