Turkey: Inflation hits 19-year high in lira crisis

Source: Yahoo! News

“Turkey’s annual inflation rate surged to its highest level since 2002 in December, official data showed Monday, after a currency crisis sparked by President Recep Tayyip Erdogan’s [idiotic] economic policies. Consumer prices jumped by 36.1 percent last month from the same period in 2020, up from a 21.3 percent increase in November, according to the Turkish statistics office. The figure is the highest since October 2002 when inflation reached 33.45 percent, before the party of Erdogan came to power. It is also more than seven times the official government target. … Erdogan on Monday accused ‘the elites’ of profiting from ‘unearned interest income,’ sticking by his pledge not to raise borrowing costs. The Turkish lira lost 44 percent of its value against the dollar in 2021, with the losses accelerating at the end of last year, when Erdogan orchestrated a series of sharp interest rate reductions.” (01/03/22)