Annual inflation in Turkey in June accelerated to 78.62 from 73.5% in May, according to the country's Institute of Statistics.
“Inflation in Turkey in annual terms accelerated in June to 78.62%,” the report says.
“The growth of consumer prices in just a month amounted to 4.95%,” the agency reports.
Turkish Finance Minister Nureddin Nebati predicts inflation at 48-49% by the end of 2022, by the end of 2023 he expects it to decline to 19.9%, according to him, a change in the discount rate in the short term is not considered.
Last year, after several rate cuts, the depreciation of the lira accelerated sharply, which negatively affected the country's financial system. Annual inflation against the backdrop of fluctuations in the national currency then accelerated to 36%.
The Central Bank of Turkey this year keeps the rate unchanged at 14%, and the lira is gradually weakening: if at the end of January the exchange rate was about 13.5 lira per dollar, then at the end of February it was already 14 lira, and now it reaches 17 lira.