Turkish inflation reached almost 80 per cent as analysts warned that the country risks getting trapped in a spiral of rising prices and wages.
Consumer prices rose 78.6 per cent year on year in June as President Recep Tayyip Erdoğan’s unconventional monetary policy and the war in Ukraine’s disruption to food and energy imports took a heavy toll. It was the biggest annual increase since 1998, though the rate was slightly below analysts’ consensus forecast of 80 per cent.
Erdoğan, who rejects the widely accepted view among economists that raising interest rates curbs inflation, has ordered the central bank to keep its benchmark borrowing rate far below the level of inflation.
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