News Tech: Turkish Treasury and Finance Minister Nureddin Nebati stated on Tuesday that the country’s annual inflation rate will begin to decline substantially in December and that the decline will continue into 2023.
In July, Turkey’s annual inflation rate reached 79.6%, the highest amount in 24 years.
According to Nebati, the depreciation of the Turkish lira was the cause of the country’s inflation rate spike in the first seven months, but the growth has since subsided.
The Turkish lira has been falling ever since the COVID-19 pandemic broke out in early 2020, and the nation is currently experiencing financial difficulties that haven’t been witnessed in decades. Energy costs have reached new highs as a result of the Russia-Ukraine crisis, which started in late February and has made things worse.
Turkish President Recep Tayyip Erdogan is an advocate of low-interest rates, insisting that the move will ease the burden on investments amid the rising inflation.