Yearly inflation in Turkey rises to new 24-year high of 85%

Nov 2, 2022, 1:09 PM | Updated: Nov 3, 2022, 1:10 am
Turkish President Recep Tayyip Erdogan addresses at an inauguration ceremony of new government buil...

Turkish President Recep Tayyip Erdogan addresses at an inauguration ceremony of new government buildings in Ankara, Turkey, Wednesday, Oct. 19, 2022. T (AP Photo/Burhan Ozbilici)

(AP Photo/Burhan Ozbilici)

ANKARA, Turkey (AP) — Annual inflation in Turkey continued to rise in October, official figures showed Thursday, pushing the price of essential goods higher and amplifying a cost-of-living crisis in the country.

Consumer prices rose to 85.51% in October from a year earlier, and by 3.54% from the previous month, the Turkish Statistical Institute said.

The inflation rate was the highest in 24 years.

Experts, however, maintain that inflation is much higher than the official figures. The independent Inflation Research Group on Thursday put the annual rate at 185%.

While the pandemic and Russia’s invasion of Ukraine have stoked inflation around the world, economists believe that inflation in Turkey was fueled by President Recep Tayyip Erdogan’s belief that high borrowing costs lead to higher prices. Traditional economic thinking says that raising rates helps reign in inflation.

Last month, Turkey’s central bank slashed interest rates for the third month in a row — down to 10.5% — in line with Erdogan’s economic views. The Turkish president has signaled more rate cuts to bring the key interest rate to single digits.

In contrast, central banks around the world have been aggressively raising rates to fight soaring inflation.

On Wednesday, Erdogan who stands for reelection in a vote next year, defended his economic policies saying he expected his model — which prioritizes growth, investments, employment and exports — to “bear fruit” and be emulated by others.

“While the whole world … is struggling with the highest inflation figures of the last 60, 70 years, the wheels of our country’s economy are turning,” Erdogan said.

“Many institutions, individuals and organizations — from the United Nations to many economists — agree with the cause-and-effect relationship we have established between inflation and interest rates,” Erdogan said. “After the new year, you will see the world … lower interest rates.”

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

arrest...
Associated Press

Police: Washington officer shot, wounded while making arrest

Pasco Police in southeast Washington state said one of their officers was shot and wounded Thursday afternoon while making an arrest.
15 hours ago
State hospital...
Associated Press

7 die from flu in Washington state, activity ‘very high’

Flu activity in the state is now considered very high, according to the Washington State Department of Health.
15 hours ago
FILE - This image provided by the National Institute of Allergy and Infectious Diseases (NIAID) sho...
Associated Press

US plans end to mpox public health emergency in January

WASHINGTON (AP) — The federal government plans to end in January the public health emergency it declared earlier this year after an outbreak of mpox infected more than 29,000 people across the U.S. Mpox cases have plummeted in recent weeks, with just a handful of new infections being reported every week in the month of […]
2 days ago
FILE - A Dixie Valley toad is seen around the hot spring-fed wetland in the Dixie Valley in Fallon,...
Associated Press

Endangered listing for Nevada toad in geothermal power fight

RENO, Nev. (AP) — A tiny Nevada toad at the center of a legal battle over a geothermal power project has officially been declared an endangered species after U.S. wildlife officials temporarily listed it on a rarely-used emergency basis last spring. “This ruling makes final the listing of the Dixie Valley toad,” the U.S. Fish […]
2 days ago
FILE - Tennessee Valley Authority President Jeffrey Lyash speaks with the Times Free Press from the...
Associated Press

Utility recommends natural gas plant despite objections

NASHVILLE, Tenn. (AP) — The nation’s largest public utility on Friday recommended replacing an aging coal burning power plant with natural gas, ignoring calls for the Tennessee Valley Authority to speed its transition to renewable energy. TVA announced the completion of its environmental impact statement for replacing the Cumberland Fossil Plant near Cumberland City, Tennessee. […]
2 days ago
Associated Press

How major US stock indexes fared Friday 12/2/2022

Worries about inflation weighed on Wall Street, leaving major indexes mixed after another bumpy day of trading. A government report showing that wage growth accelerated last month spooked investors since it could mean the Federal Reserve will be less able to ease up on its fight against inflation. The yield on the two-year Treasury, which […]
2 days ago

Sponsored Articles

Comcast Ready for Business Fund...
Ilona Lohrey | President and CEO, GSBA

GSBA is closing the disparity gap with Ready for Business Fund

GSBA, Comcast, and other partners are working to address disparities in access to financial resources with the Ready for Business fund.
SHIBA WA...

Medicare open enrollment is here and SHIBA can help!

The SHIBA program – part of the Office of the Insurance Commissioner – is ready to help with your Medicare open enrollment decisions.
Lake Washington Windows...

Choosing Best Windows for Your Home

Lake Washington Windows and Doors is a local window dealer offering the exclusive Leak Armor installation.
Anacortes Christmas Tree...

Come one, come all! Food, Drink, and Coastal Christmas – Anacortes has it all!

Come celebrate Anacortes’ 11th annual Bier on the Pier! Bier on the Pier takes place on October 7th and 8th and features local ciders, food trucks and live music - not to mention the beautiful views of the Guemes Channel and backdrop of downtown Anacortes.
Swedish Cyberknife Treatment...

The revolutionary treatment of Swedish CyberKnife provides better quality of life for majority of patients

There are a wide variety of treatments options available for men with prostate cancer. One of the most technologically advanced treatment options in the Pacific Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform at Swedish Medical Center.
Work at Zum Services...

Seattle Public Schools announces three-year contract with Zum

Seattle Public Schools just announced a three-year contract with a brand-new company to the Pacific Northwest to assist with their student transportation: Zum.
Yearly inflation in Turkey rises to new 24-year high of 85%