🧵 1. Inflation in Turkey skyrockets to 59%, with prices surging by almost 60% compared to last year due to lira depreciation. #finance
🧵 1. Inflation in Turkey skyrockets to 59%, with prices surging by almost 60% compared to last year due to lira depreciation. #finance
🧵 2. Independent economists estimate consumer prices rose by 128% year-on-year, highlighting the severity of Turkey's inflation crisis.
🧵 3. To combat inflation, the Turkish Central Bank raised its key interest rate drastically from 8.5% to 25% since June.
🧵 4. Forecasted inflation stands at a staggering 58% by the end of 2023, more than double previous projections, before stabilizing in 2025.
🧵 5. Turkish families are struggling with the persistent double-digit inflation since 2019, making the cost of living unbearable.
🧵 Read more at: https://www.euronews.com/2023/09/04/inflation-in-turkey-jumps-to-59
Surreal! Incredible how governments screw up a country's economy.
That’s serious 🧐