According to official figures released on Monday, the annual rate of inflation in Turkey in June jumped to 78.6 percent, the highest level in 24 years, as President Recep Tayyip Erdogan’s unconventional economic policies continued to have an adverse effect.
The state statistics office of Turkey reported a figure that was the highest since January 1998.
At the beginning of last year, inflation was 15.0 percent, and it was 73.5 percent in May.
On Friday, Nureddin Nebati, the minister of economy, “promised” that consumer prices will begin to decline in December. Erdogan compelled the central bank to implement a series of interest rate cuts last year, which is when Turkey’s economic problems began.
Despite an increase in consumer prices, the policy rate decreased.
However, the Turkish leader disagrees with mainstream economic theory and asserts that rising interest rates drive up prices.
For the second time in a year, Turkey significantly increased the minimum wage on Friday to lessen the impact on households.