Turkey's annual inflation rate jumped to a 24-year high of 73.5% in May, fuelled by the war in Ukraine, rising energy prices and a tumbling lira -- though ...
The median estimate for inflation at year-end stands at 63%, up from 52% in last month's poll. Register now for FREE unlimited access to Reuters.com Nevertheless, the consensus forecast was for annual inflation to rise to 76.55%. Register now for FREE unlimited access to Reuters.com Register now for FREE unlimited access to Reuters.com
Economic analysts expect Turkey's inflation will only get worse as the country grapples with President Erdogan's unorthodox strategy on monetary policy.
Looks as if Erdogan has lost his last econ credibility," Holger Zschapitz, finance editor at German daily Die Welt, wrote on Twitter. "Erdogan's unorthodox strategy for managing the country's $790bn econ continued to backfire," he wrote in another tweet. The Turkish president vowed to deliver a new economic model that would bring about a boom in export wealth thanks to a cheaper lira, and then tackle inflation by getting rid of Turkey's longtime trade deficit. Erdogan instructed the country's central bank — which analysts say has no independence from him — to repeatedly slash borrowing rates last year even as inflation continued to rise.
While many countries are seeing rising consumer prices, critics blame Turkey's problems on President Recep Tayyip Erdogan's economic policies. The Turkish ...
Consumer prices were up nearly 3% from April, the institute reported. The sharpest increases in annual prices were in the transportation sector, at 107.6%, followed by food and non-alcoholic drinks prices at 91.6%, according to the statistical institute's data. ANKARA, Turkey — (AP) — Annual inflation in Turkey hit 73.5% in May, the highest rate since 1998, according to official data released Friday as a cost-of-living crisis in the country deepens.
Turkey's official inflation rate hit a 23-year high last month as President Recep Tayyip Erdoğan's unorthodox strategy for managing the country's $790bn ...
Turkish inflation has been in double digits for much of the past half-decade as authorities prioritized economic growth and exports. President Recep Tayyip ...
Turkey is planning to restrict purchases by domestic investors of new lira bonds sold by multinational lenders, the latest effort to curb short selling of ...
Food and transportation are among the hardest-hit sectors. TURKEY-ECONOMY-CURRENCY-DOLLARS-FEATURE. Turkey's annual ...
President Recep Tayyip Erdoğan is particularly opposed to the measure, saying in late May: “Those who try to impose on us a link between the benchmark rate and inflation are either illiterates or traitors." Among the most affected sectors are transportation, where prices rose 107.6 percent year on year, and food, where costs increased by 91.6 percent, according to data from the Turkish Statistical Institute released Friday. It's Turkey's highest level of inflation since 1998, a year before the country adopted a comprehensive IMF-backed disinflation program.
The consumer price index (CPI) rose 73.5% in the 12 months through May, up from nearly 70% in April, the Turkish Statistical Institute (TurkStat) said. The ...
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Turkey will henceforth be known as Türkiye at the United Nations, following a formal request from Ankara. President Erdogan has long pushed for using the ...
The name of the bird, turkey, does indeed hail from the country Turkey since guinea fowl – first imported to Europe via Turkey – were known as turkey-hens. State broadcaster TRT, which made the change as soon as it was announced last year, said that in addition to the bird connection, one of the meanings offered in the Cambridge English Dictionary was "something that fails badly" or "a stupid or silly person". Over the past few years, the country has sought to change the branding on its products from "made in Turkey" to "made in Türkiye". The latter will feature on all exported products.
A man stands with a national flag as people visit the mausoleum of Mustafa Kemal Ataturk, the founder of modern Turkey, in Ankara on May 19.
The Kuwaiti embassy late on Thursday summoned the US charge d'affaires on the back of the embassy's "pro-gay rights post," the state-run Kuwait News Agency reported. "From exactly the day after that scandal happened to me, I just talked about cinema, I just thought that I am alive, and I need to work. #Pride2022 #YouAreIncluded," it said, referring to the US president. Ebrahimi fled Iran for France in 2006 after a "private video" of hers leaked, fearing arrest and lashings from judicial authorities, she said. "All human beings should be treated with respect and dignity and should be able to live without fear no matter who they are or whom they love," the embassy tweeted, in English and Arabic, on Thursday with an image of a pride flag. The timing of the name change is "crucial" to next year's elections, he said. The draft resolution will be in response to two reports obtained by CNN and given to IAEA member states on May 30, stating that Iran has yet to provide answers for unexplained nuclear activities at three undeclared sites. When Iranian actress Zar Amir Ebrahimi fled her country in 2006 due to a leaked tape, she thought her career was over. The White House on Thursday however took the rare step of recognizing the role played by MBS in extending a ceasefire in Yemen. However, Iran has not provided any evidence to support this explanation," the report stated. Polls from late last year show support for the ruling AK party at around 31-33% according to Reuters A similar attempt was made in the mid-1980s under Prime Minister Turgut Ozal but it never gained as much traction, he said.
The day before, Turkish Foreign Minister Mevlut Cavasoglu had tweeted a photo of himself signing the letter, addressed to UN Secretary-General Antonio Guterres.
Over the past few years, the country has sought to change the branding on its products from "made in Turkey" to "made in Türkiye". "With the letter I sent to the UN Secretary General today, we are registering our country's name in foreign languages at the UN as 'Türkiye,'" he wrote, including an umlaut over the "u". Turkey has told the United Nations that, at the behest of its president, it wishes from now on to be called Türkiye in all languages, the UN has said.
Turkey has told the United Nations that, at the behest of its president, it wishes from now on to be called 'Türkiye' in all languages, the United Nations.
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Turkish Foreign Minister Mevlut Cavusoglu sent a letter to the United Nations on Wednesday formally requesting that his country be referred to as “Türkiye."
In December, Erdogan ordered the use of “Türkiye” to better represent Turkish culture and values. Turkish Foreign Minister Mevlut Cavusoglu sent a letter to the United Nations on Wednesday formally requesting that his country be referred to as “Türkiye,” the state-run news agency reported. It was not clear whether the name, with a letter that doesn’t exist in the English alphabet, will catch on widely abroad.
The Turkish government is asking that the country be called by its Turkish name, a change which the United Nations has now adopted.
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Turkey's annual inflation rate soared to 73.5 percent in May, marking the highest since 1998. Figures released on Friday also show that transportation costs ...
The lira slumped sharply last year following a series of interest rate cuts by the central bank under President Recep Tayyip Erdogan's economic policy. But people are voicing their anger, saying inflation is actually higher than official data and that they cannot make ends meet. At the same time, Turkey's economy has been affected by the tumble of its currency.
The process of rebranding the country's name started last year. In December 2021, the country's president Recep Tayyip Erdogan issued a statement saying the “ ...
The government has started a major re-branding campaign, where “Made in Türkiye ‘ will feature on all exported products. The process of rebranding the country’s name started last year. Turkey will now be known as Türkiye at the United Nations, after the intergovernmental body agreed to a formal request for the name change from Ankara. The UN said it had received a request from Ankara this past week, and the change was made soon after.