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01:17
Türkiye's inflation climbs to 58.94 pct in Aug.
STORY: Türkiye's inflation climbs to 58.94 pct in Aug.
DATELINE: Sept. 5, 2023
LENGTH: 00:01:17
LOCATION: Ankara
CATEGORY: ECONOMY
SHOTLIST:
1. various of Turkish shopping in a bazaar, stationery and fish shop (courtesy of ihlas news agency)
2. various of Turkish central bank
3. various of Hafize Gaye Erkan, governor of the Turkish Central Bank
4. various of Mehmet Simsek, Turkish Treasury and Finance Minister5. various of Turkish shopping in a bazaar
STORYLINE:
Türkiye's annual inflation rose to 58.94 percent in August, marking the second consecutive month of increase since October last year due to the declining value of Turkish Lira and recent tax hikes, according to official figures on Monday.
The figures from the Turkish Statistic Institute showed the consumer price index (CPI) in August rose by 9.09 percent monthly.
The CPI experienced a consecutive decline from a peak of 85.51 percent in October 2022 to 38.21 percent in June 2023. The annual inflation rose to 47.83 percent in July, marking the first increase since October last year.
On Aug. 24, Türkiye's central bank announced a bigger-than-expected interest rate hike of 750 basis points, from 17.5 percent to 25 percent, to control inflation.
The central bank embarked on a tightening cycle after President Recep Tayyip Erdogan appointed former bankers Hafize Gaye Erkan as central bank governor, and Mehmet Simsek as the head of the Treasury and Finance Ministry in June. Both bankers were considered market-friendly figures.
However, the inflation is on an upward momentum because the government implemented tax increases on a wide range of goods to address its budget deficit and reconstruction costs rose significantly after the deadly earthquakes in southeastern Türkiye in February.
In July, the central bank more than doubled its year-end inflation forecast to 58 percent, up sharply from 22.3 percent. The bank expects inflation to peak at around 60 percent in the second quarter of 2024, before a gradual drop.
Xinhua News Agency correspondents reporting from Ankara.
(XHTV)
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