Inflation In Turkey Explodes To 36.1%, Blowing Away Estimates, As Hyperinflation Sets In

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Assessment: Erdogan, a self-declared enemy of interest rates, overhauled the central bank’s leadership last year, by which we mean he fired any central bank direct who disagreed with him …

Think 6.8% CPI is high? Think again: this morning long-suffering Turks living in Erdogan’s macroeconomic experiment woke up to learn that the country’s annual inflation rate surged to 36.1% last month, its highest in the 19 years Tayyip Erdogan has ruled, blowing away expectations of “only” 27.4%, and laying bare the depths of a currency crisis engineered by the president’s unorthodox interest rate-cutting policies. Staples such as transportation and food – which took increasing shares of households’ budgets during 2021 – rose even faster.

“also Gomer with all its troops, and Beth Togarmah from the far north with all its troops—the many nations with you.” Ezekiel 38:6 NIV

In December alone, consumer prices soared by a hyperinflation-like double-digits, rising 13.58%, the Turkish Statistical Institute said on Monday, eating deeper into the earnings and savings of Turks ravaged by Erdogan’s demented economic turmoil.

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