Turkey's annual rate of inflation hit almost 80 per cent in June - its highest level in about two decades. 9News
Erdogan has defended his monetary policy, arguing that lowering rates will bring down inflation and boost production and exports.President Recep Tayyip Erdogan has refused to meaningfully raise rates to cool inflation.Nureddin Nebati, Turkey's economy minister, said in a tweet Monday that "the persistence of high increases in global commodity prices, particularly in energy and agricultural products" had fuelled inflation in June.
Last week, Erdogan announced that his government would raise the minimum wage by 30 per cent starting this month — just six months after hiking it by 50 per cent — to help workers with the soaring cost of living. S&P Global Ratings said in a report last week that inflation combined with the weak value of the Turkish lira will continue to weigh on consumer spending.President Recep Tayyip Erdogan in June claimed inflation doesn't exist in Turkey and that price increases were due to the growing cost of living.It expects annual inflation to remain above 70 per cent until the end of the year, and above 20 per cent until at least mid-2023.
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