Turkey's inflation jumps to 20-year high as energy prices surge

[Foinikas]

There is it will be the same sitiation with hong kong but turkey cant and wont pull it off

No,there isn't a term in the agreement. If Erdogan wants to change the Treaty,that's another thing

 

[sammuel]

~​

Turkey's current account deficit reaches $5.15 billion in February​

Turkey's current account deficit reaches $5.15 billion in February

Turkey's current account registered a deficit of $5.15 billion in February, more than double the amount in the same month last year, data from the central bank showed on Monday, as the soaring cost of energy imports widens the shortfall.

www.reuters.com

 

[BON PLAN]

Care to provide source for first US UCAV?
I did send images of actual attacks from 1980-1985.

Iran has pictures of an attack in real wars and not Da Vinci like ideas.

for exemple Firebee used in mid 60' in Vietnam.
or D21 UCAV, used in the very early 70' to spy China.

 

[Shawnee]

for exemple Firebee used in mid 60' in Vietnam.
or D21 UCAV, used in the very early 70' to spy China.

Those are surveillance drone. No proof or even claim of combat.
I provided you with UCAV in action in 1980-1985 while firing.

 

[Pakistansdefender]

Its like this for 6 months.
Now after srilanka and Pakistan is done. The nect regime change is in turkey or if they pull it off a cue in saudi arabia(which is almost impossible).
But erdogan no matter how much isreals you beg or americans you beg you are going down atleast in this years elections

Turkey's inflation jumps to 20-year high as energy prices surge​

By Daren Butler
and Ali Kucukgocmen

• Summary
• Inflation last at this level before Erdogan came to power
• Rise follows lira slide, interest rate cuts last autumn
• Transportation, food prices drive inflation
• Trade deficit swells due to energy import costs

ISTANBUL, April 4 (Reuters) - Turkey's annual consumer inflation leapt to a 20-year high of 61.14% in March, data showed on Monday, fuelled by rising energy and commodity prices as the fallout of the Russia-Ukraine conflict compounds the impact of the lira's plunge last year.

Inflation has surged since last autumn, when the lira slumped after the central bank (CBRT) launched a 500 basis-point easing cycle sought by President Tayyip Erdogan.

Month-on-month consumer prices rose 5.46%, the Statistical Institute said, just below a Reuters poll forecast of 5.7%. The annual consumer price inflation forecast was 61.5%.

"CBRT policies are just not working in countering inflation," said Tim Ash at BlueBay Asset Management. "Indeed, I think the overwhelming consensus is that the unorthodox policy settings of the CBRT are a major cause of inflation.


"The war in Ukraine is just making things that much worse," Ash added, nothing the bank had not hit its annual inflation target of 5% since 2011.

The data had little impact on the lira , which weakened 0.15% to 14.715 against the dollar. The local currency tumbled 44% in 2021 and another 10% this year.

Reuters Graphics Reuters Graphics

TRADE DEFICIT BALLOONS

A woman displays her utility bills during a protest against high energy prices in Istanbul, Turkey February 9, 2022. REUTERS/Umit Bektas/File Photo

The government has said inflation will fall to single digits next year under its new economic programme - prioritising low interest rates to boost production and exports - aimed a achieving a current account surplus.

However, data on Monday showed the trade deficit widened 77% year-on-year in March to $8.24 billion, with a 156% increase in the value of energy imports, threatening to derail the current account goal. read more

Haluk Burumcekci, founder of Burumcekci Consulting, said inflation could peak at 70%-75% even if the lira does not weaken from its current level, only falling with the base effect in the last months of the year.

"It will not at all be easy for the CBRT to maintain its loose monetary policy stance," he said.

Consumer price inflation was driven by transportation, including petrol prices, and education prices, which rose 13.29% and 6.55% respectively. Rising energy prices have drawn public protests in recent months.

Annually, transportation prices rose 99.12% and food and non-alcoholic drink prices were up 70.33%.

Economists marked up inflation expectations globally following Russia's invasion of Ukraine, with energy prices hitting multi-year highs as the West sanctioned Moscow. Turkey imports almost all of its energy needs.

The Reuters poll forecast year-end inflation of 52.2%, up from 38% in last month's poll.

Producer prices climbed 9.19% in March, or 114.97% annually.


Reporting by Berna Suleymanoglu, Halilcan Soran, and Nevzat Devranoglu; Writing by Daren Butler; Editing by Dominic Evans, David Holmes and Hugh Lawson

Turkey's inflation jumps to 20-year high as energy prices surge

Turkey's annual consumer inflation leapt to a 20-year high of 61.14% in March, data showed on Monday, fuelled by rising energy and commodity prices as the fallout of the Russia-Ukraine conflict compounds the impact of the lira's plunge last year.

www.reuters.com

At the end of last year Erdogan said by the mid of this year all of Turkeys problems would be gone and a tremendous future would begin.
Now we are approching the mid of the year...let's see if after the next 2 months a bright future begins....because currently everything points to the opposite, the situation gets worse and worse and worse....

 

[BON PLAN]

Its like this for 6 months.
Now after srilanka and Pakistan is done. The nect regime change is in turkey or if they pull it off a cue in saudi arabia(which is almost impossible).
But erdogan no matter how much isreals you beg or americans you beg you are going down atleast in this years elections

What is the % of annuel GDP of the turkish debt ?