Turkey’s inflation hits 83% as Erdogan vows to keep cutting interest rates - Printable Version
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Turkey’s inflation hits 83% as Erdogan vows to keep cutting interest rates - Levin - 04-10-2022
PUBLISHED MON, OCT 3 20224:12 AM EDT
Natasha Turak
- Consumer prices month on month grew by 3.08%, and annually by 83.45%. The domestic producer price index was up 4.78% from the previous month, and up a whopping 151.5% year on year.
- Inflation for the country of 84 million people has soared in the last two years, in particular as Turkish President Recep Tayyip Erdogan insists on continuing to cut interest rates rather than raise them — deviating from the conventional way of controlling inflation.
- “My biggest battle is against interest. My biggest enemy is interest. We lowered the interest rate to 12%. Is that enough? It is not enough. This needs to come down further,” Erdogan said during an event in late September.
https://www.cnbc.com/2022/10/03/turkey-inflation-hits-83percent-erdogan-vows-to-keep-cutting-rates-.html