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Concerns about inflation drove down the Turkish lira for the fourth consecutive session yesterday as expectations on capital markets sharply raised interest rates. The pound fell 0.7% to 4.7120 against the dollar after being hit hard in the previous session, when the data showed that consumer price inflation had reached its highest level in the world. 15 years old. Has already more than 23 percent of its value since the beginning of this year although the central bank has increased interest rates by five percentage points since April to 17.75 percent, hoping to support the currency.
Inflation in Turkey has exceeded 15 percent in June, for the first time since 2003, which constitutes Z The government of President Recep Tayyip Erdogan must also deal with high prices.
According to the Turkish Bureau of Statistics, consumer prices rose 15.39% over the same month a year earlier, after 12.15% in May.
The largest increase of the month was in the transportation sector, 24.26 percent, and prices for upholstery and home appliances, which rose 18.91 percent. The sharp rise in prices of staple foods such as onions, potatoes and carrots is also a causal factor.
These figures published yesterday contrast sharply with the inflation target set by the central bank of 5% or even 8.4%.
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