:format(jpg):quality(99):watermark(f.elconfidencial.com/file/bae/eea/fde/baeeeafde1b3229287b0c008f7602058.png,0,274,1)/f.elconfidencial.com/original/a0e/4a7/db9/a0e4a7db94074ade97380b84b1d89d75.jpg "its inflation climbs to 73.5% and the lira falls to a minimum")
03/06/2022 – 09:37 Updated: 06/03/2022 – 10:19
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Prices do not let up in Turkey. The year-on-year inflation rate of the country chaired by Recep Tayyip Erdogan climbed last May to 73.5% from 69.97% registered in April, according to data published this Friday by the Turkish Statistical Institute (Turkstat). Also, the lyre it falls to historic lows against the dollar and is close to that level against the euro.
In monthly terms, the Turkish CPI rose 2.98% in Maycompared to the rise of 7.25% in April, 5.46% in March and 4.81% in February.
In May, the lowest annual increase in prices was 19.81% in communicationas well as in education with 27.48%, dress and footwear with 29.80% and health with 37.74%. For its part, transportation with 107.62%, food and non-alcoholic beverages with 91.63% and furniture and household goods with 82.08% were the main items where the largest annual increases were recorded.
The Wall Street Journal, Caitlin Ostroff
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The Turkish lira continues, after the CPI data, with its fall. Front to the euro it depreciates 0.5% this Friday and is exchanged for 17.73 units for each single currency, close to historical lows. On the other hand, compared to dollar marks historical lows by falling 0.2% and exchanging 16.5 liras for each greenback.
The Central Bank of Turkey keeps interest rates at 14%after pausing last January the path of reductions in the price of money, after having undertaken four consecutive cuts between September and December 2021.
The rise in inflation occurs after the mistaken vision of its president, Erdogan, who advocates cutting interest rates to combat inflation. A strategy that has not served to curb the rise in prices and that deviates from the roadmap of the main central banks, since the US Federal Reserve (Fed) and the European Central Bank (ECB) are increasing, or will soon do, the price of money to curb the rise in the IPC.
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Prices do not let up in Turkey. The year-on-year inflation rate of the country chaired by Recep Tayyip Erdogan climbed last May to 73.5% from 69.97% registered in April, according to data published this Friday by the Turkish Statistical Institute (Turkstat). Also, the lyre it falls to historic lows against the dollar and is close to that level against the euro.
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