- Annual inflation in Turkey reaches 36.08 percent
- Turkey’s annual inflation hits 19-year high
- An increase of 13.58 percent over the previous month
Ankara. Turkey’s annual inflation has reached a 19-year high of 36.08 percent. This information was given in the official figures released on Monday. Turkey’s Statistical Institute said inflation based on the Consumer Price Index rose 13.58 percent in December 2021 compared to the previous month. This has further reduced the purchasing power of the people. On an annual basis, the prices of food items have increased by 43.8 percent.
This inflation rate in Turkey is the highest since September 2002. Turkey’s central bank cut key interest rates by five percent in September under pressure from the president. Since then, the country’s currency lira has broken down continuously and has come down to a record low. The weakening of Turkey’s currency lira has made imports, fuel and everyday goods costlier. Due to this, a large number of people in a country with a population of 84 million are unable to even collect food.
Pakistan in debt
The condition of Hamdum Pakistan of Turkey is as bad as its friend. Pakistan’s domestic and foreign debt has exceeded 50 thousand billion rupees. Domestic and foreign debt has exceeded 50 thousand billion rupees. According to the State Bank of Pakistan, foreign debt stood at $95 billion in June 2018, reaching $127 billion by the last week of September 2021. From 1947 to 2008, the country had a debt of only 6 thousand billion, which has crossed 50 thousand in just 13 years.