Turkey's highest inflation in 24 years

The Dhaka Times Desk The price of goods in Turkey is gradually increasing. In July this year, the country's inflation rose again to the highest level in the last 24 years.

This time inflation has stood at 79.9 percent. The lira also continued to depreciate against the dollar. The country's inflation has been affected due to skyrocketing prices of fuel and commodities in the global market.

It is known that the rate of inflation in Turkey started to increase from last year. The country's central bank cut interest rates by 500 basis points, which triggered inflation.

Turkey's statistics department said consumer prices rose 2.37 percent month-on-month in July. However, this rate is less than the 2.9 percent forecast by Reuters.

Annual inflation may also peak, said Jason Tuvey, senior emerging markets economist at Capital Economics. Currency fluctuations are risky.

The largest annual increase in consumer prices was in the transportation sector. In this case, inflation has stood at 119.11 percent. Also, the price of food and non-alcoholic beverages in the country has increased by 94.65 percent.

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