Turkey's consumer price inflation could accelerate to more than 200%, local research organization ENAGgroup said in a report this week, Ahval writes.
Turkey's official economic data, which showed consumer price inflation rose to 70% in April, is inaccurate, said ENAGgroup, which is made up of Turkish academics, economists and financial analysts based in Turkey and abroad. She also stated that the government had reported growth in the economy last year, but in fact it had contracted.
Inflation in Turkey jumped to a two-decade high after the lira depreciated against the dollar in 2021. Turkish and foreign investors sold the currency en masse after the central bank, acting on the orders of the country's President Recep Tayyip Erdogan, cut interest rates to 14 percent from 19 percent between September and December. Since then, rates have remained unchanged.
The Turkish Statistical Institute is giving false signals about the economy, and the central bank's loss of foreign exchange reserves and credibility weakens the lira and raises inflation, ENAGgroup said.