Turkey’s year-end inflation soars to almost 65%
Newly announced minimum wage hikes and upcoming pay raises for public servants, workers and pensioners bode a resurgence of price spikes across the board.
ANKARA — Maintaining a four-month trend of steady increases, Turkey’s year-on-year inflation hit nearly 65% in December, slightly lower than the Central Bank’s projections.
According to official data published Wednesday by the Turkish Statistical Institute, the nation’s year-on-year inflation soared to 64.77%.
The figure, which marks the highest inflation rate in the past five months, is slightly lower than the Central Bank’s year-end projection, which was revised to 65% in November.
“We are meeting our revised targets,” Turkish Finance Minister Mehmet Simsek posted on X following the release of data, adding that the government would do “whatever is necessary” to fight inflation.
