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For the eleventh consecutive month … the collapse of the Turkish lira and the rise in inflation, today, Monday, October 5, 2020 02:27 pm
The Turkish Statistics Authority revealed in a statement, on Monday, new jumps in inflation rates in Turkey, amid a sharp collapse in the exchange rate of the local currency – the lira – against foreign exchange, which exacerbated the living crises of the Turks, for the eleventh consecutive month.
According to official data, annual consumer (inflation) prices in Turkey continued to record a level above 10% last September.
The Turkish statistics indicated that consumer prices rose during last September, by 11.75% on an annual basis, compared with 11.77% in July 2020 on an annual basis.
The collapse of the lira caused a sharp rise in the prices of the main domestic or imported commodities due to the exchange rate differential on the one hand and the rise in production inputs on the other hand, and the rise in the wages of the country’s workforce on the third side, and on an annual basis, various goods and services were the most high by 25.17%, During last September, while the health group rose by 15.09%, the education group increased by 7.55%, food and non-alcoholic beverages by 14.95%, the transportation group prices increased by 12.95%, and the hotel and restaurant group increased by 19.92%, on an annual basis.
Last month, the Turkish central bank raised the main interest rate by 200 basis points to 10.25%, as the first increase in two years after the lira reached a series of record low levels, against hard currencies over the past month, with the aim of curbing rising inflation in September for the first month. Ten in a row, amid government inability to stop the rise in prices, especially the main commodities in the country’s domestic markets.
At the present time, Turkey suffers from high production costs, due to the high production inputs and the rise in the rate of labor wages, which means that curbing inflation is mainly related to stopping the decline of the local currency against foreign exchange, as the Turkish trade deficit rose 192.7%, on an annual basis in In September, according to the general trade regime, imports rose by 23.32 percent to $ 20.89 billion, while exports rose 4.84 percent to $ 16.01 billion.
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