Turkey sees price hikes amid near 20% inflation
The economic fallout of the COVID-19 pandemic has caused painful increases in prices of consumer goods for most Turks amid troublesome inflation that authorities are struggling to take under control, Xinhua reported.
Annual inflation rose to 19.58 in September from 19.25 percent in August, according to the official data published on Monday. Turkey's economy was already vulnerable last year with the coronavirus outbreak and a deepening current account deficit, and the import-reliant nation's woes have been exacerbated by lockdowns and health restrictions.
While the Turkish economy grew 21.7 percent in the second quarter of 2021 year on year, the country's economic prospects remain fragile, observers said.
The Turkish lira is at its lowest in history after the central bank delivered a surprise 100 basis point rate cut on Sept. 23 despite high inflation.
Erdogan earlier promised that Turkey would get surging prices under control and the government would prevent "unreasonable" price hikes.
The Turkish leader called on Sunday agricultural credit cooperatives to combat food inflation. He said the government has instructed cooperatives to open 1,000 new markets nationwide to provide cheap goods.