Oct. 3 (EUROPA PRESS) –
The year-on-year inflation rate for the month of September in Turkey stood at 83.45 percent, the highest in the last 24 years, according to data from the Turkish National Statistics Office.
The data represents a worsening compared to August, when it was 80.21 percent year-on-year, and is particularly prevalent in food, which has risen 93 percent. The record by sector is held by transport, with a rise of 117.66 percent.
Experts assume that the actual rate of inflation is significantly higher and even the Inflation Research Group puts it at 186.27 percent, according to German ARD television.
The Government, meanwhile, maintains its particular economic recipe and, instead of raising interest rates to take money out of the market and curb inflation, continues to lower them repeatedly. The last drop has been one point, to 12 percent.
Turkish President Recep Tayyip Erdogan has called for an even greater reduction despite the fact that the Turkish lira has lost more than half of its value against the dollar since the implementation of this peculiar economic policy.
Erdogan maintains that only interest rate cuts stimulate the economy and exports to the point that they can subdue inflation, and he assumes that this will happen next year.
