While Official Figures Claim Turkey’s Inflation Rate Is 85%, Third-Party Stat...
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....
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The latest data from the Turkish Statistical Institute (TSI) shows that rising transportation and food costs were some of the key factors contributing to the surge in the country’s inflation rate to 70%.
Economic Revival Efforts Not Bearing Fruit
Rising commodity prices and increased transport costs are some of the key contributing factors behind the surge in Turkey’s inflation rate to 70%, the latest data has shown. On a month-to-month basis, however, April prices are only 7.25% higher, data from the Turkish Statistical Institute (TSI) shows.
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A favorite stat floating around these days among Bitcoin startups is that, at this stage in the game of Bitcoin—the ecosystem, the commercialization of this space, etc.—, startups have raised 25% more capital than startups in the 90s did—when they were raising for “that ecosystem” [basically preparing for the world to come online.] So, a few things about this stat—this oh so favorite stat for Bitcoin startups to use. First, not many Bitcoin startup founders think about this all that much, because some where actually born in the ‘90s and “grew up” at the turn of the century, but: Inflation....
Another fiat currency struggles to stay afloat as the Venezuela Bolivar looks to be in the throes of hyperinflation, which has been forecast for at least the last 18 months. Within black-market currency exchanges, the Bolivar has lost about 50% of its value versus the US Dollar in the month of November. In a sign of desperation, the nation-state has suspended reporting of their inflation rate for the time being. Also read: "BitPagos is Bringing Bitcoin to the Developing World". Will Venezuela Suffer Zimbabwe-levels of Hyperinflation? As you may know, inflation is a part of any fiat....
The difference in the official and unofficial rate for Argentinian pesos is now so pronounced that at least one bitcoin exchange has acknowledged it. Localbitcoins.com has decided to publish a 'blue dollar' exchange rate for the currency. The escrow-based decentralised bitcoin exchange service has produced a symbol for the blue dollar rate called XAR, and is using it to calculate bitcoin exchange rates. The black market rate in Argentina is a result of rocketing inflation, and tension over a possible default. This has led Argentinians to hoard dollars, while the authorities have imposed....
Increasingly expensive groceries, wages unable to keep up and desperation amongst the people are proof of the necessity of decentralized currency.