Inflation Surges 70% In Turkey On Higher Energy Prices
May 5, 2022 12:14:57 GMT -5
Post by schwartzie on May 5, 2022 12:14:57 GMT -5
Inflation Surges 70% In Turkey On Higher Energy Prices And Weakening Lira
THURSDAY, MAY 05, 2022 - 10:00 AM
Authored by Katabella Roberts via The Epoch Times,
Inflation in Turkey hit a 20-year-high in April as the country continued to battle rising rates, further exacerbated by the conflict in Ukraine and supply chain issues, according to data published by the Turkish Statistical Institute on May 5.
Consumer price inflation soared to 69.97 percent per year in April, and 7.25 percent monthly, driven by high global energy prices and the weakening lira.
A Reuters poll forecast annual consumer price inflation to be 68 percent and monthly at 6 percent.
The surge in consumer prices was driven by an annual 105.9 percent increase in transportation, and an 89.1 percent jump in food and non-alcoholic drinks prices, the data showed, while furnishings and household equipment jumped 77.64 percent.
Communication, clothing and footwear, education, and health saw the lowest increases, according to the data, although the increases were still felt in large cities such as Istanbul, where many are now turning to local discount markets to purchase cheaper garments.
Month-on-month, food and non-alcoholic drink prices rose the most at 13.38 percent as supermarkets are consistently being forced to change their prices on an almost weekly basis, while house prices rose 7.43 percent.
In recent months, properties in less affluent areas of Istanbul have increased substantially in price, and many, including the wider ex-pat community in the city, have instead resorted to renting out rooms in shared houses.
Apartments that were previously rented to tenants for around 4,000 Turkish lira ($270) this time last year are now upwards of 9,000 lira ($605), meaning that many of them remain empty despite increased demand.
Meanwhile, annual energy inflation climbed to 118.2 percent from 102.9 percent in March, Bloomberg reported.
Elsewhere on Thursday, official data showed that the domestic producer price index climbed 7.67 percent month-on-month in April for an annual rise of 121.82 percent.
Continued at link
THURSDAY, MAY 05, 2022 - 10:00 AM
Authored by Katabella Roberts via The Epoch Times,
Inflation in Turkey hit a 20-year-high in April as the country continued to battle rising rates, further exacerbated by the conflict in Ukraine and supply chain issues, according to data published by the Turkish Statistical Institute on May 5.
Consumer price inflation soared to 69.97 percent per year in April, and 7.25 percent monthly, driven by high global energy prices and the weakening lira.
A Reuters poll forecast annual consumer price inflation to be 68 percent and monthly at 6 percent.
The surge in consumer prices was driven by an annual 105.9 percent increase in transportation, and an 89.1 percent jump in food and non-alcoholic drinks prices, the data showed, while furnishings and household equipment jumped 77.64 percent.
Communication, clothing and footwear, education, and health saw the lowest increases, according to the data, although the increases were still felt in large cities such as Istanbul, where many are now turning to local discount markets to purchase cheaper garments.
Month-on-month, food and non-alcoholic drink prices rose the most at 13.38 percent as supermarkets are consistently being forced to change their prices on an almost weekly basis, while house prices rose 7.43 percent.
In recent months, properties in less affluent areas of Istanbul have increased substantially in price, and many, including the wider ex-pat community in the city, have instead resorted to renting out rooms in shared houses.
Apartments that were previously rented to tenants for around 4,000 Turkish lira ($270) this time last year are now upwards of 9,000 lira ($605), meaning that many of them remain empty despite increased demand.
Meanwhile, annual energy inflation climbed to 118.2 percent from 102.9 percent in March, Bloomberg reported.
Elsewhere on Thursday, official data showed that the domestic producer price index climbed 7.67 percent month-on-month in April for an annual rise of 121.82 percent.
Continued at link
