Turkey's Central Bank has said that the removal of certain preventive measures imposed to combat the coronavirus (COVID-19) pandemic and the ensuing demand were the primary factors influencing inflation in June. According to the Central Bank's report, consumer prices went up 1.13 percent in June, rising 1.23 points and increasing 12.62 percent annually.
Turkey's June inflation rates exceeded experts' expectations at 1.13 percent, almost double the estimates. Meanwhile, annual inflation reached 12.62 percent.
Turkey’s Central Bank has evaded its mandatory briefings to parliament, only performing three of the ten mandatory sessions in the past five years. Lawmakers say that the bank’s reluctance to report to parliament impedes “executive and inspection duties.”
Consumer prices in Turkey rose in May compared to the same month last year, the country's statistical authority said on June 3. According to the TÜİK data, the lowest annual increase in inflation was 2.98 percent in communication. Larger rises were seen in alcoholic beverages and tobacco with 21.41 percent.
According to a recent report by a union of public employees, inflation levels for basic consumer goods in Turkey has reached 29.1 percent compared to last year. Fruit prices have surged by 80.6 percent, while the prices of dairy products and eggs have climbed by 27.6 percent since April 2019.
Today Turkey’s crisis is not only a health crisis followed by the coronavirus outbreak and an economic crisis triggered by it. Rather, it is a health crisis and an economic crisis triggered by it, on the top of an already ongoing economic crisis due to foreign currency debts of non-financial corporations. Cookie cutter applications of what may work elsewhere will not work in Turkey.
Turkey's Central Bank Governor Murat Uysal announced the inflation rates for this year and 2021 as 8.2 percent and 5.4 respectively. Amid an embattled lira that sunk in value throughout the course of much of 2018, inflation hit 20.3 percent December of that year, while in 2019, inflation remained in the double digits, and was 11.8 percent by the end of the year.