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Turkish inflation hits record high in July amid currency crisis

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The Caspian Times is a platform that showcases stories and perspectives from across Eurasia. We aim to inform, inspire and empower our readers with high-quality journalism that covers the diverse and dynamic region.

Turkey’s annual inflation rate soared to a record high of 47.83% in July, up from 38.2% in June, as the Turkish lira continued to lose value against the US dollar and the euro. The lira has depreciated by more than 40% since the start of the year, amid political uncertainty, economic mismanagement, and US sanctions.
The inflation rate exceeded market expectations of 47% and was the highest since the country adopted a new consumer price index in 2003. The previous record was 45.21% in October 2021.

The main drivers of inflation were food and non-alcoholic beverages, which rose by 54% year-on-year, followed by hotels, cafes and restaurants, which increased by 52.9%. Other categories that saw significant price hikes were health (65.7%), furnishings and household equipment (43.2%), recreation and culture (43%), and transportation (21%).

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