Inflation in Turkey practically stabilized in July and remains below 80% year on year, breaking with the continuous rise recorded since the summer of 2021.
According to official figures published on Wednesday, the rise in consumer prices reached 79.6% over one year, once morest 78.6% in June – an increase of one additional point at the end of July. The high inflation that the country is experiencing is largely explained by the collapse of the Turkish lira, which has lost almost half of its value in one year. The latter traded at 17.95 pounds for one dollar, almost stable at the announcement of official figures. The subject remains particularly hot less than a year before the presidential election scheduled for June 2023.
The rise in consumer prices, however, remains at levels not reached since President Recep Tayyip Erdogan came to power in 2003. These figures are moreover regularly disputed by independent economists and the opposition who consider that the data from the National Institute of Statistics (Tüik) must be corroborated. The Inflation Research Group (Enag), made up of independent Turkish economists, thus affirmed on Wednesday that inflation reached 176.4% over the year: which nevertheless reflects an increase in prices compared to June ( 175.6%), and is still more than twice the official rate.
For Istanbul, the increase is even more marked, according to the Chamber of Commerce and Industry which announced on Monday the figure of 99.1% increase in retail prices over the year. The Head of State showed confidence on Monday by announcing the light at the end of the tunnel: “A trend towards price stabilization has already begun. There will be an improvement in our country,” he promised. The Central Bank, officially independent but which has experienced a waltz of its governors in recent years, said it is betting on inflation being reduced to 40% by the summer of 2023.
Sami Nemli with agencies / Les Inspirations ECO
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