Turkish inflation eases for 1st time in more than a year
2 years, 1 month ago

Turkish inflation eases for 1st time in more than a year

Associated Press  

ANKARA, Turkey — Annual inflation in Turkey slightly eased in November for the first time in more than a year, according to official figures released on Monday, although it remains close to 24-year highs. While the pandemic and Russia’s invasion of Ukraine have stoked inflation around the world, economists believe that inflation in Turkey was additionally fueled by President Recep Tayyip Erdogan’s belief that high borrowing costs lead to higher prices. Turkey’s central bank has slashed interest rates by 5 percentage points since August, down to 9% despite high inflation that has deepened a cost-of-living crisis in the country. Some experts have questioned the state institutes’ figures and the Inflation Research Group, which is made up of independent economists, said on Monday that Turkey’s true inflation rate for November is 170.7%.

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History of this topic

Turkey Inflation Likely Missed Central Bank Target For End-2024
2 weeks ago

Turkey Inflation Likely Missed Central Bank Target For End-2024

Live Mint  

-- Turkish inflation in December likely eased less than the central bank projected, just as policymakers have started to set the stage for a more accommodative stance in the new year. The monetary authority justified lowering borrowing costs — the first time since February 2023 — by citing preliminary data showing an improvement in services inflation and the underlying trend …

Turkey’s central bank lowers key interest rate to 47.5%
2 weeks, 6 days ago

Turkey’s central bank lowers key interest rate to 47.5%

Associated Press  

ANKARA, Turkey — Turkey’s central bank lowered its key interest rate by 2.5 percentage points to 47.5% on Thursday, carrying out its first rate cut in nearly two years as it tries to control soaring inflation. Citing slowing inflation, the bank’s Monetary Policy Committee said it was reducing its one-week repo rate to 47.5% from the current 50%. Inflation in …

Where inflation accelerated in November – and where it eased
4 weeks ago

Where inflation accelerated in November – and where it eased

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Some products swung the other way last month, from …

Turkey to Pivot Toward Interest-Rate Cut After One More Hold
1 month, 3 weeks ago

Turkey to Pivot Toward Interest-Rate Cut After One More Hold

Live Mint  

-- Turkey’s central bank will probably hold its main interest rate for an eighth straight month this week, though policymakers could indicate the start of an easing cycle as soon as December. But despite appearing to commit to high rates at the last policy meeting, Central Bank Governor Fatih Karahan adopted a different tone earlier this month, while revising up …

Turkish central bank raises key interest rate to 50% as inflation soars
9 months, 3 weeks ago

Turkish central bank raises key interest rate to 50% as inflation soars

Associated Press  

ANKARA, Turkey — Turkey’s central bank raised its key interest rate by 5 percentage points on Thursday, resuming a policy of rate hikes aimed at combating soaring inflation that is causing households severe economic pain. A series of rate cuts by the central bank spurred double-digit inflation and a currency crisis until Erdogan reversed course following his re-election in May …

Turkey’s new central bank chief assures that work to combat inflation will press on
11 months, 1 week ago

Turkey’s new central bank chief assures that work to combat inflation will press on

Associated Press  

ANKARA, Turkey — The work to tame inflation in Turkey — namely through interest rate hikes — will continue “with determination,” the country’s new central bank chief said Thursday, offering some certainty about efforts to right the battered economy following his precedessor’s surprise resignation. Speaking for the first time since taking the helm of the central bank on Saturday, Fatih …

Turkey's central bank hikes key interest rate again to 45% to battle inflation
11 months, 3 weeks ago

Turkey's central bank hikes key interest rate again to 45% to battle inflation

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Turkey’s central bank raised its …

Turkey’s central bank hikes key interest rate again to 45% to battle inflation
11 months, 3 weeks ago

Turkey’s central bank hikes key interest rate again to 45% to battle inflation

Associated Press  

ANKARA, Turkey — Turkey’s central bank raised its key interest rate by another 2.5 percentage points on Thursday, pressing ahead with a series of hikes aimed at combating inflation that reached nearly 65% in December. It’s the eighth interest rate hike since President Recep Tayyip Erdogan has abandoned his unconventional economic policies that economists say helped trigger a currency crisis …

Federal Reserve’s favored inflation gauge tumbles in November as prices continue to ease
1 year ago

Federal Reserve’s favored inflation gauge tumbles in November as prices continue to ease

LA Times  

The Federal Reserve’s favored inflation gauge shows somewhat more progress against inflation in November than economists had expected. The Federal Reserve’s preferred measure of prices fell last month, another sign that inflation is easing and that Americans should benefit from lower costs and reduced interest rates in 2024. Friday’s report from the Commerce Department showed that U.S. consumer prices slid …

Turkish central bank raises interest rate to 42.5% to combat high inflation
1 year ago

Turkish central bank raises interest rate to 42.5% to combat high inflation

Associated Press  

ANKARA, Turkey — Turkey’s central bank hiked its key interest rate by 2.5 percentage points on Thursday as part of its efforts to combat high inflation that has left many households struggling to afford rent and essential items. The bank’s Monetary Policy Committee raised its benchmark rate to 42.5%, delivering its seventh interest rate hike in a row to tame …

Inflation in Europe falls to 2.4% as interest rates pack a punch. But the economy has stalled
1 year, 1 month ago

Inflation in Europe falls to 2.4% as interest rates pack a punch. But the economy has stalled

Associated Press  

LONDON — Europeans again saw some relief as inflation dropped more than expected to 2.4% in November, the lowest in over two years, as plummeting energy costs have eased a cost-of-living crisis but higher interest rates squeeze the economy’s ability to grow. The new figure is close to the European Central Bank’s inflation target of 2% following a rapid series …

Turkey’s central bank hikes interest rates again as it tries to tame eye-watering inflation
1 year, 1 month ago

Turkey’s central bank hikes interest rates again as it tries to tame eye-watering inflation

Associated Press  

ANKARA, Turkey — Turkey’s central bank delivered another huge interest rate hike on Thursday as it tries to curb double-digit inflation that has left households struggling to afford food and other basic goods. The bank pushed its policy rate up by 5 percentage points, to 40%, marking its sixth big interest rate hike in a row focused on beating down …

Turkey’s central bank opts for another interest rate hike in efforts to curb inflation
1 year, 2 months ago

Turkey’s central bank opts for another interest rate hike in efforts to curb inflation

Associated Press  

ANKARA, Turkey — Turkey’s central bank hiked interest rates again on Thursday, pressing ahead with more conventional economic policies recently embraced by President Recep Tayyip Erdogan to fight inflation. The bank said its monetary policy committee “decided to continue the monetary tightening process in order to establish the disinflation course as soon as possible.” It also announced more such moves …

Just what IS keeping inflation so high? The everyday items that continue to go up in price revealed - as annual rate of inflation holds steady at 3.7%
1 year, 3 months ago

Just what IS keeping inflation so high? The everyday items that continue to go up in price revealed - as annual rate of inflation holds steady at 3.7%

Daily Mail  

Figures are unlikely to significantly impact Fed interest rates, analysts say Annual inflation held steady in September, with prices increasing 3.7 percent on the year prior, thanks mainly to the cost of food and energy. Annual inflation held steady in September, with prices increasing 3.7 percent on the year prior, thanks mainly to the cost of food and energy. Data …

Turkey’s central bank hikes interest rates again in further shift in economic policies
1 year, 3 months ago

Turkey’s central bank hikes interest rates again in further shift in economic policies

Associated Press  

ISTANBUL — Turkey’s central bank raised its key interest rate by 5 percentage points Thursday, another large but expected hike that signals a continued push toward more traditional economic policies under President Recep Tayyip Erdogan. The team includes former Merrill Lynch banker Mehmet Simsek, who returned as finance minister, a post he held until 2018, and Hafize Gaye Erkan who …

Turkey hikes interest rates in another sign of economic normalcy. But markets expected more
1 year, 5 months ago

Turkey hikes interest rates in another sign of economic normalcy. But markets expected more

Associated Press  

ISTANBUL — Turkey’s central bank raised its key interest rate Thursday, another sign of commitment to a traditional path of battling inflation but still falling below expectations after critics blamed President Recep Tayyip Erdogan’s economic policies for inflaming a cost-of-living crisis. Central banks around the world have been hiking rates rapidly to battle spikes in consumer prices following the pandemic …

Pakistan inflation eases for the first time in seven months
1 year, 6 months ago

Pakistan inflation eases for the first time in seven months

Al Jazeera  

Government figures show year-on-year inflation at 29.4 percent, compared with a record 38 percent in May. Pakistan’s headline inflation eased for the first time in seven months in June, figures show – a bright spot for a beleaguered government that must call an election this year. Year-on-year inflation was 29.4 percent last month, Pakistan Bureau of Statistics data showed on …

Turkey's annual inflation rate dips under 40% for first time in 16 months
1 year, 7 months ago

Turkey's annual inflation rate dips under 40% for first time in 16 months

Firstpost  

Turkey’s annual inflation rate fell below 40 per cent in May for the first time in 16 months, thanks to a brief offer of free petrol to homes, according to official figures released on Monday. According to the country’s statistics office, consumer prices grew 39.6 per cent year on year and were nearly steady, at 0.04 per cent, compared to …

Inflation drops sharply in Europe but some prices are still rising faster
2 years ago

Inflation drops sharply in Europe but some prices are still rising faster

CNN  

London CNN — Inflation in Europe continued to decline in December as energy prices rose at a slower pace. Prices across the 19 countries that used the euro in 2022 increased at an annual rate of 9.2% in December, the European Union’s statistical office said Friday. While energy inflation fell to 25.7% in December, compared to 34.9% in November, the …

Turkey’s December inflation slows to 64% in boost to Erdogan
2 years ago

Turkey’s December inflation slows to 64% in boost to Erdogan

Associated Press  

ANKARA, Turkey — Inflation in Turkey showed a sharp drop in December thanks mainly to technical reasons — which could help President Recep Tayyip Erdogan ‘s standing before an election, but is unlikely to bring relief to households suffering from a cost of living crisis. The Inflation Research Group — made up of independent academics and experts — said Tuesday …

Home prices, rents skyrocket in Turkey amid economic turmoil
2 years, 1 month ago

Home prices, rents skyrocket in Turkey amid economic turmoil

Associated Press  

ISTANBUL — Hatice Erdal has been given a week to vacate her rental house that is due to be knocked down. While increasing construction costs and inflation have pushed up housing prices globally, Turkey’s property crisis has been exacerbated by President Recep Tayyip Erdogan’s unorthodox policy of lowering interest rates despite high inflation — the opposite of traditional economic thinking. …

Home prices, rents skyrocket in Turkey amid economic turmoil
2 years, 1 month ago

Home prices, rents skyrocket in Turkey amid economic turmoil

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. While increasing construction costs and inflation have pushed up …

Turkish central bank cuts rates again despite high inflation
2 years, 1 month ago

Turkish central bank cuts rates again despite high inflation

Associated Press  

ANKARA, Turkey — Turkey’s central bank delivered another outsized interest rate cut Thursday despite inflation running at more than 85% and other countries moving the opposite way to ease the pain of soaring prices. The central bank said its Monetary Policy Committee decided to lower the benchmark policy rate by 1.5 percentage points to 9%, following a series of similar …

Retail inflation may drop to 6.7% for October on favourable base, RBI sees no respite
2 years, 2 months ago

Retail inflation may drop to 6.7% for October on favourable base, RBI sees no respite

Firstpost  

According to a Moneycontrol poll of 16 economists, Consumer Price Index inflation is expected to have fallen to 6.7 per cent in October from 7.41 per cent in September, thanks to a favourable base effect Headline retail inflation likely dropped sharply in October, the first month after the Reserve Bank of India failed to meet its inflation mandate, but stayed …

U.S. consumer inflation eased to 7.7% over last 12 months
2 years, 2 months ago

U.S. consumer inflation eased to 7.7% over last 12 months

LA Times  

Price increases moderated in the United States last month in the latest sign that the inflation pressures that have gripped the nation might be easing as the economy slows and consumers grow more cautious. Even with last month’s tentative easing of inflation, the Federal Reserve is widely expected to keep raising interest rates to try to stem persistently high price …

Yearly inflation in Turkey rises to new 24-year high of 85%
2 years, 2 months ago

Yearly inflation in Turkey rises to new 24-year high of 85%

Associated Press  

ANKARA, Turkey — Annual inflation in Turkey continued to rise in October, official figures showed Thursday, pushing the price of essential goods higher and amplifying a cost-of-living crisis in the country. While the pandemic and Russia’s invasion of Ukraine have stoked inflation around the world, economists believe that inflation in Turkey was fueled by President Recep Tayyip Erdogan’s belief that …

Turkish central bank makes huge rate cut amid 83% inflation
2 years, 2 months ago

Turkish central bank makes huge rate cut amid 83% inflation

Associated Press  

ISTANBUL — Turkey’s central bank has slashed interest rates for the third month in a row, making its biggest drop this year despite sky-high inflation that is squeezing people’s finances as it follows President Recep Tayyip Erdogan’s unorthodox economic views. “It is critically important that financial conditions remain supportive to preserve the growth momentum in industrial production and the positive …

Turkey's annual inflation hits new 24-year high at 83.45 %
2 years, 3 months ago

Turkey's annual inflation hits new 24-year high at 83.45 %

Firstpost  

Experts say inflation is much higher than official statistics, and the independent Inflation Research Group on Monday put the annual rate at an eye-watering 186.27 per cent Ankara: Turkey’s annual inflation reached a new 24-year high of 83.45 per cent in September, according to official data on Monday, pushing the cost of essential goods higher and further hitting households already …

Turkey’s central bank makes big rate cut amid 80% inflation
2 years, 3 months ago

Turkey’s central bank makes big rate cut amid 80% inflation

Associated Press  

ISTANBUL — Turkey’s central bank delivered another massive interest rate cut Thursday despite eye-popping inflation above 80%, moving the opposite way from world economies that are raising rates to control prices as the lira sunk to record lows. Turkey has followed President Recep Tayyip Erdogan’s unorthodox belief that high interest rates cause high inflation, cutting borrowing costs despite consumer prices …

Inflation is a global problem. Here’s how central banks are addressing it
2 years, 3 months ago

Inflation is a global problem. Here’s how central banks are addressing it

CNN  

New York CNN Business — Just like misery, inflation loves company. United States Federal Reserve Current annual consumer inflation rate: 8.3% Benchmark interest rate: 2.25-2.5% Last rate hike: 75 basis points in July Start of hiking cycle: March 2022 The Federal Reserve is the most important central bank in the world — the US dollar has been the world’s primary …

Turkey lowers interest rate even as inflation soars to 80%
2 years, 4 months ago

Turkey lowers interest rate even as inflation soars to 80%

Associated Press  

ANKARA, Turkey — Turkey’s central bank on Thursday lowered its key interest rate despite inflation surging to nearly 80% and making it difficult for people to buy what they need, falling in line with the unorthodox economic views of the country’s president. President Recep Tayyip Erdogan has pressured the bank into lowering borrowing costs in a bid to boost economic …

Turkey’s inflation jumped to 24-year high of 79.6 percent in July
2 years, 5 months ago

Turkey’s inflation jumped to 24-year high of 79.6 percent in July

Al Jazeera  

Turkey’s inflation has been fuelled by the lira’s continued decline as well as the economic consequences of Russia’s invasion of Ukraine. Turkish inflation rose to a fresh 24-year high of 79.6 percent in July, data showed on Wednesday as the lira’s continued weakness and global energy and commodity costs pushed prices higher, though the price rises came out below forecasts. …

Turkey launched an unusual experiment to fight inflation by cutting interest rates. This is how it spectacularly backfired
2 years, 5 months ago

Turkey launched an unusual experiment to fight inflation by cutting interest rates. This is how it spectacularly backfired

ABC  

While much of the world anxiously waits to see if central banks will keep raising interest rates to combat a post-pandemic surge in inflation, Turkey is bucking the global trend. He has fired three central bank governors in four years for attempting to raise interest rates, and described anyone who draws a link between rates and inflation as "illiterates and …

Column: You may not have noticed yet, but inflation has started to come down
2 years, 6 months ago

Column: You may not have noticed yet, but inflation has started to come down

LA Times  

For fans of code-breaking, Thursday morning’s Wall Street Journal home page provided plenty of material to perplex and entertain. That hasn’t been too visible in the most recent data releases from the Bureau of Labor Statistics but may become evident with the agency’s next report on the consumer price index, due July 13. It’s proper to stipulate that even as …

Data puts Turkey’s annual inflation at 78.6%, a 24-year high
2 years, 6 months ago

Data puts Turkey’s annual inflation at 78.6%, a 24-year high

Associated Press  

ISTANBUL — Annual inflation in Turkey hit 78.62% in June, the highest rate since 1998, according to official data released Monday. While many countries are seeing rising consumer prices, critics blame Turkey’s problems on President Recep Tayyip Erdogan’s economic policies. The Turkish leader insists that high borrowing costs cause inflation — a position that contradicts established economic thinking — and …

What is inflation? What causes it? And who has been hit the hardest? Your questions answered
2 years, 6 months ago

What is inflation? What causes it? And who has been hit the hardest? Your questions answered

ABC  

There's no sugar-coating it: Inflation is soaring to new highs. "Every quarter, the ABS calculates the price changes of each item from the previous quarter and aggregates them to work out the inflation rate for the entire CPI basket," the RBA notes. Angela Jackson, head economist at Impact Economics, said the current rise in inflation was partly due to a …

Data puts Turkey’s annual inflation at 73.5%, a 24-year high
2 years, 7 months ago

Data puts Turkey’s annual inflation at 73.5%, a 24-year high

Associated Press  

ANKARA, Turkey — Annual inflation in Turkey hit 73.5% in May, the highest rate since 1998, according to official data released Friday as a cost-of-living crisis in the country deepens. While many countries are seeing rising consumer prices, critics blame Turkey’s problems on President Recep Tayyip Erdogan’s economic policies. The Turkish leader insists that high borrowing costs cause inflation - …

Inflation in Turkey soars to eye-popping near 70% in April
2 years, 8 months ago

Inflation in Turkey soars to eye-popping near 70% in April

Associated Press  

ANKARA, Turkey — Inflation in Turkey soared to nearly 70% in April, official data showed Thursday, as skyrocketing prices eat away at earnings and put even basic necessities out of reach for many households. The Turkish Statistical Institute said consumer prices rose by 69.97% in April compared with the previous year, the biggest year-over-year increase since 2002. But in Turkey, …

Turkey’s inflation rate soars to almost 70 percent
2 years, 8 months ago

Turkey’s inflation rate soars to almost 70 percent

Al Jazeera  

The consumer price index has risen by 69.97 percent year-on-year in April compared with 61.14 percent in March. Turkey’s official inflation rate has spiralled to nearly 70 percent in April, posing a huge challenge to President Recep Tayyip Erdogan, whose unconventional economic policies are often blamed for the economic turmoil. The consumer price index rose by 69.97 percent year-on-year in …

Turkey’s inflation hits 61% climbing to new 20-year high
2 years, 9 months ago

Turkey’s inflation hits 61% climbing to new 20-year high

Associated Press  

ISTANBUL — Yearly inflation in Turkey hit 61.14% on Monday, climbing to a new 20-year high and deepening a cost of living crisis for many households. The Turkish Statistical Institute said consumer prices rose by 5.46% in March compared with the previous month. Turkey’s runaway inflation also follows a series of interest rate cuts late last year, in line with …

Turkey's inflation hits 61 per cent; climbs to new 20-year high
2 years, 9 months ago

Turkey's inflation hits 61 per cent; climbs to new 20-year high

India TV News  

Highlights Yearly inflation in Turkey hit 61.14 percent climbing to a new 20-year high The highest yearly price increase was in the transportation sector at 99.12 percent The yearly inflation was up from 54.44 percent in February Yearly inflation in Turkey hit 61.14 percent on Monday, climbing to a new 20-year high and deepening a cost of living crisis for …

Turkish central bank doesn’t change rates as inflation soars
2 years, 9 months ago

Turkish central bank doesn’t change rates as inflation soars

Associated Press  

ISTANBUL — Turkey’s central bank kept interest rates unchanged for a third straight month Thursday as consumer prices surge at an eye-popping pace, coming after a series of rate cuts last year triggered a currency crisis that has made it difficult for people to buy basic goods. Other central banks around the world are moving to raise interest rates as …

Turkey’s inflation hits 54%, deepening cost-of-living woes
2 years, 10 months ago

Turkey’s inflation hits 54%, deepening cost-of-living woes

Associated Press  

ANKARA, Turkey — Turkey’s annual inflation rate further accelerated in February, official data showed Thursday, marking the biggest jump since 2002 and deepening the squeeze on households that are already struggling to purchase basic goods. In comparison, annual inflation increased by a record 5.8% in the 19 countries that use the euro currency in February and by 7.5% in the …

Turkey keeps interest rates unchanged despite surging inflation
2 years, 10 months ago

Turkey keeps interest rates unchanged despite surging inflation

Al Jazeera  

Turkey’s central bank held its benchmark interest rate steady for a second month running, even as inflation threatens Erdogan’s grip on power. Turkey’s central bank kept its benchmark interest rate unchanged for a second month on Thursday, as President Recep Tayyip Erdogan’s government struggles to contain price surges that could threaten his two-decade rule. Just ahead of Thursday’s decision, Erdogan …

Turkish leader names new statistics chief as inflation rises
2 years, 11 months ago

Turkish leader names new statistics chief as inflation rises

Associated Press  

ISTANBUL — Turkey’s president has fired the head of the Turkish Statistical Institute, which is responsible for posting official inflation statistics, among other data, at a time when prices have skyrocketed in Turkey. Erdogan stands strongly against high interest rates, claiming they cause inflation, a stance that contradicts established economic theory. “Know that inflation will also drop, it will decrease …

Turkey’s central bank ends string of interest rate cuts
2 years, 11 months ago

Turkey’s central bank ends string of interest rate cuts

Associated Press  

ANKARA, Turkey — Turkey’s central bank kept a key interest rate unchanged on Thursday, halting a string of rate cuts that triggered a currency crisis and sent consumer prices skyrocketing. The bank’s Monetary Policy Committee said it decided to keep its policy rate “constant” at 14%, putting on hold a rate-cutting policy that has reduced borrowing costs by 5 percentage …

Just how bad is inflation in Turkey? It depends on who you ask
3 years ago

Just how bad is inflation in Turkey? It depends on who you ask

Al Jazeera  

Government figures say annual inflation topped 36 percent last month, but some think that number is far short of the mark. The government agency tasked with tracking inflation – the Turkish Statistical Institute – said this week that the consumer price index, or CPI, which measures changes in the prices of a basket of commonly purchased goods and services, soared …

Turkish inflation surges to highest level since 2002
3 years ago

Turkish inflation surges to highest level since 2002

Al Jazeera  

The annual consumer inflation rate rose to 36.08 percent last month and food and energy prices soared. The annual consumer inflation rate rose to 36.08% last month, the highest since September 2002 and up sharply from 21.31% in November. The decision to slash five percentage points off the central bank’s benchmark rate led to an around 44% slide in the …

EXPLAINER: Turkey’s currency is crashing. What’s the impact?
3 years, 1 month ago

EXPLAINER: Turkey’s currency is crashing. What’s the impact?

Associated Press  

ANKARA, Turkey — Turkey’s beleaguered currency has been plunging to all-time lows against the U.S. dollar and the euro in recent months as President Recep Tayyip Erdogan presses ahead with a widely criticized effort to cut interest rates despite surging consumer prices. Turkey’s Central Bank has cut borrowing costs by 4 percentage points since September, in line with Erdogan’s wishes, …

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