Turkey Inflation Data Shows Annual 70% CPI Increase, Bitcoin Fixes This
Data analyzed by the Turkish Statistical Institute shows hyperinflation reaching as high as 105% for transportation costs as the Lira continues to diminish.Turkey released data analyzed by the Turkish Statistical Institute showing 70% CPI annual inflation. Transportation costs suffered the highest annual increase with 105% inflation. The month-over-month data shows a CPI increase of 7.25%. Turkey released inflation data analyzed by the Turkish Statistical Institute showing inflation is at a two-decade high with the consumer-price-index (CPI) rising almost 70%, which is a problem bitcoin....
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According to the latest data from the Turkish Statistical Institute, the country’s annual inflation rate for the month of July was 79.6%, the highest in 24 years. Rising transportation costs, food and non-alcoholic beverages were some of the product categories that contributed to the overall rate increase.
Transportation Costs Rose the Most
Turkey’s consumer inflation rate in July surged to 79.60% — the highest in 24 years — while the monthly rate stood at 2.37%, the latest data from the Turkish Statistical Institute (TSI) has shown. According to the....
Inflation has skyrocketed in Turkey as official figures from the Turkish Statistical Institute (Tüik) show the country’s inflation rate topped 85.5% year-on-year. The inflation rate in Turkey has risen for 17 consecutive months and last month it reached a 24-year high. Turkey’s Interest Rate Remains Low, While Inflation Runs Rampant Turkey, the transcontinental country located in Western Asia has been suffering from financial hardship as the region’s economy is in dire straits. On Nov. 3, 2022, the Turkish Statistical Institute (Tüik) published the country’s official inflation rate....
People in Turkey are increasingly turning to bitcoin as the local currency, the Turkish lira, recently hit another record low against the dollar. Bitcoin adoption in Turkey outshines other countries in the region. Turkey Is Regional Leader in Bitcoin Adoption Bitcoin adoption has been increasing in Turkey as the local currency, the Turkish lira, hit another record low Thursday, reportedly touching 7.95 to the dollar. The dollar has gained about 33% against the lira so far this year and some analysts are predicting that it will soon hit 8.5. “The Turkish lira is getting smoked”....
The Republic of Turkey’s economy and the country’s native fiat currency the Turkish lira continue to experience turmoil as inflation has risen to 36%. Since this time last year, the lira has lost 44% of its value against the U.S. dollar. Meanwhile, the use of stablecoins in Turkey has skyrocketed and today, 28.96% of all trades with tether are paired against the Turkish lira.
Inflation in Turkey Rises to the Highest Level in 19 Years, TRY Is Tether’s Top Pair Capturing 29% of All Trades, TRY Commands 7.20% of BUSD Trades
Reports from the....
The latest inflation data from the United States indicates that consumer prices have kept climbing despite expectations of a slowdown. The Consumer Price Index (CPI) summary published on Thursday shows an 8.2% rise in the year through September, and the core index rating saw the fastest yearly increase since 1982. September’s CPI Data Was Worse Than Expected, Report Signals an Aggressive Fed Rate Hike on the Horizon, Global Markets Shudder U.S. inflation numbers for September are in, and the inflation rate, or CPI, is worse than expected. According to the U.S. Bureau of Labor....