ISTANBUL: Turkiye’s annual inflation rate approached 65 percent in December, reaching a new high for 2023 and putting the country on course to meet an expected peak of 70-75 percent in May.
President Recep Tayyip Erdogan’s new team of market-friendly economists expects inflation to start falling from near record highs within four months.
The rate reached a decades-long high of 85 percent in October of 2022 and then fell off before resuming a steady climb.
Turkiye’s official annual inflation rate ticked up to 64.77 in December, from 61.98 percent in November.