Turkey suffering from record-breaking inflation

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Turkey suffering from record-breaking inflation
05 Feb 2022
4 min read
TWN In-Focus

News Synopsis

Turkey is going through a serious inflation problem right now. Shocking results have come in a recently published report by the Turkish Statistical Institute, which stated that the nation’s annual inflation has reached 49% which is the highest in the past two decades. This has posed a serious problem for the common people of turkey who are struggling to afford basic needs like food. The institute also reported that the consumer price index by 11% in January compared to the month before. On the other hand, the opposition parties are questioning the credibility of the Turkish Statistical Institute and claiming that the institute is underreporting the inflation number. An independent Inflation Research Group has claimed that Turkey’s actual rate of inflation is 114.87% against 49% reported by the Turkish Statistical Institute.

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