Erdogan: The inflation data in Turkey are not in in line with economic conditions

Turkish President Recep Tayyip Erdogan said the inflation figures in his country are not in in line with economic conditions.

Erdogan added that the effects of the current economic policy in Turkey will come true in summer.

Inflation rates in Turkey are at their highest since Erdogan came to power.

Inflation reached 36.08% as an annual rate in Turkey, a badger record which had not been registered for 20 years, that is, since 2002, according to official data.

This inflation, more than seven times higher than the government’s initial target, is explained by the decline in the Turkish lira, which in a year lost more than 45% against the dollar.

A Reuters poll showed Turkey’s annual inflation rate is expected to exceed 30% in December for the first time since 2003, with prices in increase due to fluctuations record of the Turkish lira.

In the survey, which included 13 economists, their average expectations for inflation were 30.6%, the highest since May 2003. Expectations ranged from 26.4% to 37.3%.

Inflation has reached around 20% in recent months, driven by the lira’s plunge to record lows, after the central bank cut interest rates by 500 basis points since September under pressure from President Recep Tayyip Erdogan.

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