{"id":9140,"date":"2022-07-04T14:17:56","date_gmt":"2022-07-04T14:17:56","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=9140"},"modified":"2022-07-04T15:46:00","modified_gmt":"2022-07-04T15:46:00","slug":"turkish-inflation-hits-two-decade-high-of-78-6","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/turkish-inflation-hits-two-decade-high-of-78-6\/","title":{"rendered":"Turkish inflation hits two-decade high of 78.6%"},"content":{"rendered":"<p>ISTANBUL: (Kamran Hameed)-\u00a0 Inflation in Turkey in June soared to an annual rate of 78.6%, the highest in 24 years, official data showed on Monday, as President Recep Tayyip Erdogan&#8217;s unconventional economic policies continued to take their toll.<\/p>\n<p>The figure released by Turkey&#8217;s state statistic agency was the highest since January 1998.<\/p>\n<p>Inflation had stood at 73.5% in May and at 15.0% at the start of last year.<\/p>\n<p>Economy Minister Nureddin Nebati on Friday &#8220;promised&#8221; that consumer prices will start dropping in December.<\/p>\n<p>The data showed that headline inflation was driven by a 123.4% jump in the cost of transportation and a 94% increase in non-alcoholic drinks.<\/p>\n<p>The price of household goods surged by 81.1%, the statistics agency calculated.<\/p>\n<p>Turkey&#8217;s economic crisis started when Erdogan forced the central bank to go through with a series of interest rate cuts last year.<\/p>\n<p>The policy rate went down despite rising consumer prices.<\/p>\n<p><em><strong>Read more:\u00a0<a href=\"https:\/\/dailyausaf.com\/en\/pakistan\/imran-khan-moves-sc-against-revocation-of-overseas-pakistanis-voting-rights.html\" target=\"_blank\" rel=\"noopener noreferrer\">Imran Khan moves SC against revocation of overseas Pakistanis voting rights<\/a><\/strong><\/em><\/p>\n<p>But the Turkish leader rejects conventional economics and affirms that high interest rates cause prices to rise.<\/p>\n<p>Turkey on Friday substantially raised the minimum wage for the second time in a year to cushion the blow on households.<\/p>\n<p>The hike of the net monthly take-home pay to 5,500 liras ($330) means the nominal minimum wage has nearly doubled since the end of last year.<\/p>\n<p>It stood at 2,826 liras in late December and 4,253 liras in January.<\/p>\n<p>Economists warn that substantially raising the pay of a large swathe of the population is an inflationary measure that should be accompanied by interest hikes or other means of limiting spending.<\/p>\n<p>Official data show that more than 40% of Turks earned the minimum wage at the start of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISTANBUL: (Kamran Hameed)-\u00a0 Inflation in Turkey in June soared to an annual rate of 78.6%, the highest in 24 years, official data showed on Monday, as President Recep Tayyip Erdogan&#8217;s unconventional economic policies continued to take their toll. The figure released by Turkey&#8217;s state statistic agency was the highest since January 1998. Inflation had stood [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":9141,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/9140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=9140"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/9140\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/9141"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=9140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=9140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=9140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}