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The increase in consumer prices in Turkey hit a new record in October. According to official data, inflation rose by 85.51 percent year-on-year. This is the highest increase since 1997; at that time, inflation was 85.67 percent.
Independent experts question the official numbers; according to the inflation research group, the inflation rate is 185 percent year-on-year. Since January, the value has been 115 percent.
In Turkey, high inflation is being driven by several factors. The weak national currency, the lira, has been driving up prices for a long time since it makes goods imported into Turkey more expensive. In addition, there are ongoing problems in the international supply chains, which make preliminary products more expensive. In addition, the prices of energy and raw materials are rising, mainly because of the Russian war against Ukraine.
The increase in consumer prices in Turkey began at the turn of the millennium. In recent months, the development has been reinforced by the central bank's unorthodox monetary policy. After a nearly eight-month pause, it lowered the key interest rate in August, September and October, it now stands at 10.5 percent.
Turkish President Recep Tayyip Erdogan rejects the conventional wisdom that central banks should raise interest rates when inflation is high. The central bank is actually independent, but since 2019 Erdogan has fired three heads of the institute. He recently announced that interest rates would continue to fall “as long as I am in power”.
A few months before the presidential election, Erdogan is fully committed to economic growth. Inflation is forcing citizens and companies to consume more because otherwise their money will lose a lot of value.
"Kick-off Politics" is WELT's daily news podcast. The most important topic analyzed by WELT editors and the dates of the day. Subscribe to the podcast on Spotify, Apple Podcasts, Amazon Music, among others, or directly via RSS feed.
