The price of imported goods is rising continuously due to the weak lira.
(Photo: Reuters)
Ankara Inflation in Turkey has reached a new high. Annual inflation was 83.45 percent in September, the National Bureau of Statistics said in Ankara on Monday. Food prices had risen by a good 93 percent. In August, consumer prices were 80.21 percent higher than in the same month last year.
Inflation in Turkey is driven by several factors. The weak national currency, the lira, has been driving up prices for a long time since it makes goods imported into Turkey more expensive due to the exchange rate.
In addition, there are problems in the international supply chains that make preliminary products more expensive. In addition, the prices of energy and raw materials are rising, mainly in connection with the Russian war against Ukraine.
Unlike most central banks, the Turkish central bank is not reacting to high inflation by raising interest rates but by lowering interest rates.
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