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<blockquote data-quote="WPLG" data-source="post: 59140" data-attributes="member: 158">Annual inflation in Turkey soared to nearly 80% in July, official data showed Wednesday, with <a href="https://apnews.com/article/inflation-russia-ukraine-covid-health-923304026448bda234d6890592f55463" target="_blank">skyrocketing food, housing and energy prices</a> hitting consumers hard.The Turkish Statistical Institute said consumer prices rose by 79.6% from a year earlier, up about 1 percentage point from June data.Independent experts say inflation is much higher than official statistics. Economists also say <a href="https://apnews.com/article/business-middle-east-united-kingdom-istanbul-poland-b4ca0bcaa5598e2bc12fcd24c6127b3c" target="_blank">the huge rise in inflation</a> is caused by President Recep Tayyip Erdogan's unorthodox belief that high borrowing costs lead to inflation despite established economic theory.Turkey’s central bank slashed interest rates by 5 percentage points since September to 14%, sinking the national currency. While the bank has not made further cuts this year, central banks across the world are moving the opposite way, <a href="https://apnews.com/article/russia-ukraine-inflation-economy-prices-bb3fd1e9cba9c60a8515ff83b2669827" target="_blank">raising interest rates</a> to combat global inflation.In comparison, annual inflation hit a <a href="https://apnews.com/article/inflation-russia-ukraine-prices-european-union-a41427d7237376c965edb9171326a021" target="_blank">record 8.9% in the 19 countries that use the euro</a> in July and a <a href="https://apnews.com/article/inflation-economy-prices-consumer-74e1a5c9bced40460e4079f62e980095" target="_blank">four-decade-high of 9.1% in the United States</a> in June.The <a href="https://apnews.com/article/business-middle-east-turkey-global-trade-europe-e7d2a1eab7920304e8ea13bac75cdb0b" target="_blank">Turkish lira lost 44% of its value against the U.S. dollar</a> last year, eroding people's ability to buy even basic items. The dollar was trading at 17.95 against the lira Wednesday, with the lira's value some 25% lower than at the beginning of the year.<a href="https://www.local10.com/business/2022/08/03/inflation-in-turkey-rises-to-nearly-80-hitting-consumers/" target="_blank">Continue reading...</a></blockquote>

[QUOTE="WPLG, post: 59140, member: 158"] Annual inflation in Turkey soared to nearly 80% in July, official data showed Wednesday, with [URL='https://apnews.com/article/inflation-russia-ukraine-covid-health-923304026448bda234d6890592f55463']skyrocketing food, housing and energy prices[/URL] hitting consumers hard. The Turkish Statistical Institute said consumer prices rose by 79.6% from a year earlier, up about 1 percentage point from June data. Independent experts say inflation is much higher than official statistics. Economists also say [URL='https://apnews.com/article/business-middle-east-united-kingdom-istanbul-poland-b4ca0bcaa5598e2bc12fcd24c6127b3c']the huge rise in inflation[/URL] is caused by President Recep Tayyip Erdogan's unorthodox belief that high borrowing costs lead to inflation despite established economic theory. Turkey’s central bank slashed interest rates by 5 percentage points since September to 14%, sinking the national currency. While the bank has not made further cuts this year, central banks across the world are moving the opposite way, [URL='https://apnews.com/article/russia-ukraine-inflation-economy-prices-bb3fd1e9cba9c60a8515ff83b2669827']raising interest rates[/URL] to combat global inflation. In comparison, annual inflation hit a [URL='https://apnews.com/article/inflation-russia-ukraine-prices-european-union-a41427d7237376c965edb9171326a021']record 8.9% in the 19 countries that use the euro[/URL] in July and a [URL='https://apnews.com/article/inflation-economy-prices-consumer-74e1a5c9bced40460e4079f62e980095']four-decade-high of 9.1% in the United States[/URL] in June. The [URL='https://apnews.com/article/business-middle-east-turkey-global-trade-europe-e7d2a1eab7920304e8ea13bac75cdb0b']Turkish lira lost 44% of its value against the U.S. dollar[/URL] last year, eroding people's ability to buy even basic items. The dollar was trading at 17.95 against the lira Wednesday, with the lira's value some 25% lower than at the beginning of the year. [url="https://www.local10.com/business/2022/08/03/inflation-in-turkey-rises-to-nearly-80-hitting-consumers/"]Continue reading...[/url] [/QUOTE]

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