Annual inflation in Turkey jumps 36%, the highest level under Erdoğan
— Turkey’s year-on-year inflation rate jumped to 36% according to December’s consumer price index , released Monday. That's the highest rate since 2002.President Recep Tayyip Erdoğan has continued to push for cuts to interest rates amid soaring inflation, arguing it will strengthen Turkey's exports and the construction sector. But that unorthodox approach has seen prices fluctuate wildly and the purchasing power of working class Turks decrease significantly.
The earnings of ordinary Turks will further erode in the new year due to fresh hikes in electricity and gas prices on New Year's Eve. Economists have also disputed the official CPI statistics. The Turkish Statistical Institute's senior leaders have been repeatedly replaced, raising questions about the statistical body's political independence.
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