Price growth in Turkey has accelerated in March, reaching 68.5% year-on-year, according to the country's statistics agency. This comes after President Recep Tayyip Erdogan's party suffered a defeat in the municipal elections, which many attributed to the high cost of living. Education, health, transport, and food costs saw the largest increases. However, independent economists estimate the year-on-year figure to be nearly 125%. The government aims to slow down inflation and economic activity through orthodox central bank policies and spending control.
Price growth in inflation-plagued Turkey gathered pace in March, rising to 68.5% year-on-year, the country's statistics agency TUIK said today. The increased reading followed a Sunday municipal election drubbing for President Recep Tayyip Erdogan's party that many blamed on the out-of-control cost of living . Last month the cost of education, health, transport and food showed the biggest increases, after inflation reached 67.07% in February, TUIK said.
But ENAG, a group of independent economists, said their own calculations put the year-on-year figure at almost 125%. Pointing to slowing month-on-month inflation in the official data, at 3.16% rather than February's 4.53%, Finance Minister Mehmet Simsek wrote that"monthly inflation decreased in line with our forecast". Following a return to orthodox central bank policy, with the headline interest rate having been raised to 50%, the government has also vowed to control spending to brake activity and inflatio
Turkey Price Growth Inflation Statistics Elections Cost Of Living Education Health Transport Food Central Bank Spending Control
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