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Turkey's inflation is the highest in 15 years.



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November 6, 2018, 32 minutes
– Last Updated
November 5, 2018 / 22:57

Turkey's annual inflation rate was 25 percent, the highest level in 15 years. Official statistics yesterday highlighted the impact of the financial crisis on the overall economy.

In a Reuters poll, retail prices rose 2.67%, up 2% from the previous month. Inflation in October was attributed to an increase in clothing and footwear prices by 12.74% MoM and a 4.15% increase in housing prices. There was little reaction to lira. Lira fell from 5.43 liras to $ 5.44 and weakened before figures were released. The loss finally recovered due to the independence of the central bank and concerns over the dispute between Turkey and the United States.

Mourad Jetin Qaya, governor of the Central Bank of Turkey, is expected to drop slightly to 23.4% next year, with inflation next year expected at 15.2%, and by 2020 to 9.3%. "Use measures that the central bank can sustain" Price stability and inflation ".

"The central bank will adopt a strict fiscal policy and positively contribute to the new economic plan announced by the Treasury Department in September," he added. He emphasized that the strict fiscal policy framework is not through tax hikes, but through reduced spending and stabilization of prices.

He emphasized that the growth of global economies and financial policies in advanced economies, and the price of oil and food, play an important role in determining inflation, and stressed that the central bank will take all possible measures to maintain price stability and price stability. As a result, Turkey's exports in September increased by 22.4% year-on-year. The foreign trade deficit fell 77.1 percent in September to $ 1.89 billion.

According to the National Statistical Office, the unemployment rate was 10.8% between June and August, but 10.2% between May and July. The non-farm unemployment rate stood at an average of 12.9% between June and August, which was only 12.1% between May and July.

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