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
Netanyahu: If Lebanese Army takes steps to disarm Hezbollah, Israel will engage in reciprocal measures, including phased reduction of Israeli military presence in Lebanon
Al Mayadeen's correspondent: Photojournalist Houssam Al-Masri martyred, reporters Hatem Omar, Mohammad Ashraf Salameh injured in Israeli strike on Nasser Medical Complex.
Israeli media: Intense US efforts are being made to resolve differences, such as the issue of the Israeli presence on Mount Hermon and in southern Syria
Israeli media: The security agreement means amending the disengagement agreement, which will also address the Druze issue
Israeli media: Attempts to reach a security agreement between 'Israel' and Syria were among the topics discussed at the Paris meeting
Israeli media: Sheikh Muwaffaq Tarif rejected a US proposal to join the recent tripartite meeting between Tom Barrack, al-Shaibani, and Dermer
Saba News Agency: Two martyred, five injured in a preliminary toll of the Israeli aggression on the Yemeni Oil Company station on Al-Sitteen Street in Sanaa
Senior Yemeni military source to Al Mayadeen: We observed a state of confusion among the enemy's aircraft squadron after Yemeni air defenses intercepted the attack
Senior Yemeni military source to Al Mayadeen: The Yemeni air defense forces succeeded in neutralizing a squadron of enemy aircraft and prevented airstrikes on some governorates
Senior Yemeni military source to Al Mayadeen: Our air defenses and missile forces forced a formation of enemy aircraft to flee the airspace

Turkey's inflation rate slows to 38.2%

  • By Al Mayadeen English
  • Source: Agencies
  • 5 Jul 2023 15:35
  • 1 Shares
2 Min Read

The Turkish currency has been under pressure since President Recep Tayyip Erdogan was re-elected on May 28.

  • x
  • Turkish lira banknotes (AFP via Getty Images)
    Turkish lira banknotes. (AFP)

Turkey's annual inflation rate decreased to 38.2 percent in June, as per official figures released on Wednesday. Meanwhile, economists cautioned that this could be a low point for the year. The rate slowed from 39.6 percent in May, as per the TUIK state statics agency.  

A separate study published by independent economists from the ENAG group who question the official data put the June figure at 108.6 percent, up from 105.2 percent in May.  

The official rate has been regularly dropping since reaching a more than two-decade high of 85 percent in October of last year.  But economists believe inflation will soon begin growing faster because of the vast spending pledges President Recep Tayyip Erdogan meted out ahead of May's general election. 

Related News

Over 20 world leaders to join SCO summit in Tianjin

Turkish ports require ships to declare no ties to 'Israel'

Turkey has also permitted its closely controlled currency to begin depreciating against the dollar at a rate that is higher than anticipated. "Inflation is likely to rise in July and we think it will end this year at 40-45 percent year-on-year," said Liam Peach, a senior emerging markets economist at Capital Economics as quoted by AFP.

"With the lira's depreciation having been more front-loaded than we had expected and the currency likely to depreciate further in the coming months, inflation looks set to end this year at a higher level than we had thought", Peach added.

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.

  • Turkey
  • Recep Tayyip Erdogan
  • inflation
  • Turkish lira

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Displaced Palestinians walk through a makeshift camp along the beach in Gaza City, Sunday, Aug. 10, 2025 (AP)

Hamas, other factions accept Egypt-Qatar ceasefire proposal: Exclusive

  • Politics
  • 18 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025
Almost instantly after the Helsinki Accords were signed, organisations sprouted to document purported violations, whose findings were fed to overseas embassies for international amplification. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

How ‘Human Rights’ became a Western weapon

  • Opinion
  • 23 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

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