{"id":87317,"date":"2023-08-03T13:54:13","date_gmt":"2023-08-03T09:54:13","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=87317"},"modified":"2023-08-03T13:54:15","modified_gmt":"2023-08-03T09:54:15","slug":"inflation-in-turkey-jumps-to-9-49-in-july-amid-tax-increases-and-a-weaker-lira","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/inflation-in-turkey-jumps-to-9-49-in-july-amid-tax-increases-and-a-weaker-lira\/08\/03\/market-updates\/","title":{"rendered":"Inflation in Turkey jumps to 9.49% in July amid tax increases and a weaker lira"},"content":{"rendered":"\n<p>Official data showed on Thursday that inflation in Turkey jumped at the highest monthly pace in more than a year in July, due to various tax increases and the sharp depreciation of the lira.<\/p>\n\n\n\n<p>Consumer prices rose 9.49 percent month-on-month in July, exceeding expectations in a Reuters poll of 9.1 percent and up sharply from 3.92 percent in June.<\/p>\n\n\n\n<p>The Turkish Statistical Institute said annual consumer price inflation rose to 47.83 percent, after declining for eight months to 38.21 in June, amid factors including the lira&#8217;s relative stability until Erdogan&#8217;s re-election.<\/p>\n\n\n\n<p>The lira has lost about 30 percent of its value so far this year &#8211; with a drop of more than 20 percent in June alone &#8211; after Erdogan signaled a shift towards more orthodox economic policies, including interest rate hikes.<\/p>\n\n\n\n<p>Since then, the central bank raised the interest rate by 900 basis points to 17.5 percent in its two meetings, led by the bank&#8217;s new president, Hafiza Ghaya Arkan, but the pace of monetary tightening remained less than market expectations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Official data showed on Thursday that inflation in Turkey jumped at the highest monthly pace in more than a year in July, due to various tax increases and the sharp depreciation of the lira. Consumer prices rose 9.49 percent month-on-month in July, exceeding expectations in a Reuters poll of 9.1 percent and up sharply from &hellip;<\/p>\n","protected":false},"author":9,"featured_media":70432,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[8473,6987,8494,7095],"class_list":["post-87317","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-consumer-inflation","tag-inflation","tag-inflationary-pressures","tag-turkey"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/87317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=87317"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/87317\/revisions"}],"predecessor-version":[{"id":87318,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/87317\/revisions\/87318"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/70432"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=87317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=87317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=87317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}