The disappearing Turkish currency: 1 Turkish Lira with Kemal Atatürk PortraitT
Manuel Augusto Moreno | Moment | beautiful pictures
ISTANBUL, March 3 (Reuters) – Turkey’s annual inflation eased slightly to 55.18% in February, official data showed on Friday, just below forecasts, following the earthquake hit the southeastern part of the country and killed more than 45,000 people less than a month ago.
The Turkish Statistical Institute said that compared with the previous month, consumer prices increased 3.15%, lower than the Reuters poll forecast of 3.4%. Every year, consumer price inflation
The group with the most monthly increases in prices was food and non-alcoholic beverages, up 7.36%, while education and restaurants and hotels increased by 5.69% and 4.07%, respectively.
The statistics institute said prices from the field were not collected from the quake-hit provinces of Gaziantep, Malatya and Hatay.
The domestic producer price index rose 1.56% month-on-month in February, a year-on-year increase of 76.61%
The lira traded at 18.8920 after the data, unchanged from Thursday’s close. The currency has barely changed since the summer largely due to state management.
Inflation was triggered by a currency crunch in late 2021 and hit a 24-year high of 85.51% in October. The central bank cut its policy rate despite rising inflation. spiked to maintain momentum and cut another 50 basis points after the quake.
Economists and government officials expect the quake, which has damaged hundreds of thousands of buildings, will cause more than $50 billion in damage and reduce the rate of growth by 1 to 2 percentage points. economic growth of the country this year.
