Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Iran's Nour News: Ali Shamkhani, advisor to Iran's Leader, in letter to Sayyed Khamenei: I am alive and ready to sacrifice my life; the day of victory draws near.
Iranian Red Crescent: Five Iranian hospitals damaged in Israeli aggression.
Russia: Peskov: If the United States launches a strike against Iran, Moscow will consider this move a mistake because it will lead to a major escalation of the situation
Russia: Kremlin spokesman Dmitry Peskov: The Middle East is falling into the chaos of war, and this does not bring any good to Russia and is dangerous
Israeli media: 18 settlers were injured in the latest Iranian strike, according to preliminary reports
Israeli media: The Iranian missile impacted an area near the headquarters of Microsoft in Bir al-Sabee'
Israeli media: Sirens sounding in al-Naqab following missile launches from Iran
Israeli Home Front Command: Missiles detected launched from Iran toward al-Naqab
Israeli media: Missile launches detected from Iran
Iran’s Fars News Agency: Security forces have arrested 16 agents in Lorestan Province who were working for Mossad

Inflation in Turkey surges to 47.83 percent in July

  • By Al Mayadeen English
  • Source: Agencies
  • 3 Aug 2023 12:50
  • 1 Shares
2 Min Read

The latest inflation rate aligns with previous predictions and comes after the central bank adjusted its year-end forecast to 58 percent from 22.3 percent.

  • x
  • Customers walk in The Spice Bazaar, Eminonu District in İstanbul on Sept. 6, 2022. (AFP)
    Customers walk in The Spice Bazaar, Eminonu District in İstanbul on Sept. 6, 2022 (AFP)

In July, Turkey's annual inflation surged to 47.83 percent, a significant increase from the previous rate of 38.2 percent, as per official data released on Thursday.

This new figure aligns with earlier expectations and follows the central bank's revision of its year-end forecast to 58 percent from 22.3 percent. Independent economists have long expressed doubts about the official inflation rate.

After reaching a more than two-decade high of 85 percent in October of the previous year, the official rate had been gradually declining. However, both the central bank and economists predicted an upward trend from July.

Related News

Armenian PM to make 'historic' visit to Turkey

Israeli aircraft violate Turkish airspace, fighter jets scrambled

The new central bank governor, Hafize Gaye Erkan, explained during her debut press conference that inflation would rise temporarily due to the increasing exchange rate of the lira and fiscal measures. Under her leadership, the central bank raised interest rates twice, from 8.5 percent to 15 percent.

It is worth noting that the lira lost more than 23% of its value versus the dollar shortly after the Presidential elections.

Reportedly, Turkish President Recep Tayyip Erdogan began curring interest rates to keep investment cheaper and growth more possible, but after inflation started running wild by hitting an estimated 85% annual rate late last year, the president was keen on keeping interest rates low to attract more growth. Unfortunately, that came at the price of the Turkish lira which plummeted gravely.

Read more: Will Turkish elections affect the economy?

  • Turkey
  • Turkish inflation
  • Central Bank
  • Recep Tayyip Erdogan

Most Read

Iranian missiles impact Israeli sites in Tel Aviv in 2nd wave

Iran's missiles impact 'strategic' Israeli site in Tel Aviv

  • Politics
  • 14 Jun 2025
Bin Salman: Islamic world backs Iran in call to Pezeshkian

MBS says Islamic world backs Iran in call with Pezeshkian

  • MENA
  • 15 Jun 2025
Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Smoke rises after an Iranian ballistic missile directly struck Tel Aviv, Occupied Palestine, June 13, 2025 (AP)

Op. True Promise 3: Iran's ballistic missiles strike Tel Aviv

  • MENA
  • 13 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Netanyahu stuns by postponing son’s wedding over Iran war
Politics

Netanyahu sparks outrage citing son’s wedding delay as Iran war cost

French court postpones verdict to July 17 on Georges Abdallah
Europe

French court postpones verdict on Georges Abdallah to July 17

Perseverance to shorten war: Iran's Larijani
Politics

Larijani says Iran to hold IAEA chief accountable after war ends

Damage to the Weizmann Institute of Science from an Iranian missile strike in Rehovot, Thursday, June 19, 2025. (AP Photo/Maya Alleruzzo)
Politics

'Catastrophic loss': Iranian blow to Weizmann’s war-linked facilities

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS