{"id":121183,"date":"2023-12-05T16:49:06","date_gmt":"2023-12-05T16:49:06","guid":{"rendered":"https:\/\/blogcamlodipine.com\/?p=121183"},"modified":"2023-12-05T16:49:06","modified_gmt":"2023-12-05T16:49:06","slug":"european-country-desperately-stuck-behind-rest-of-continent-with-high-inflation","status":"publish","type":"post","link":"https:\/\/blogcamlodipine.com\/world-news\/european-country-desperately-stuck-behind-rest-of-continent-with-high-inflation\/","title":{"rendered":"European country desperately stuck behind rest of continent with high inflation"},"content":{"rendered":"

UK ‘doing worse than Europe on inflation’ says Ferrari<\/h3>\n

Turkey has been ravenged by inflation ever since the coronavirus pandemic, with it soaring above every other European country.<\/span><\/p>\n

This week, the country’s inflation rose to a staggering 62 percent, up from 61.36 percent in October.<\/p>\n

The annual trend has been fuelled by the depreciation of the Turkish lira, which over the past two years has fallen around 60 percent on the dollar.<\/p>\n

While the figure is astronomical, experts say Turkey’s true fiscal state could be far worse.<\/p>\n

It is a similar state for much of Europe, although many countries have successfully tackled their inflation and managed to tame it at least for now.<\/p>\n

READ MORE <\/strong> Inflation rises 3.8% to batter Germany as ‘sick man of Europe’ faces ‘crisis’<\/strong><\/p>\n

<\/p>\n

No country has suffered as greatly as Turkey, with economists from the Inflation Research Group (ENAG) projecting the country’s consumer prices to rise 129.27 percent from November into December.<\/p>\n

When President Recep Tayyip Erdo\u011fan ran for this year’s election he promised to control inflation and bring the figure down.<\/p>\n

He has since appointed an entirely new team at Turkey’s central bank, appointing former Wall Street banker Hafize Gaye Erkan as its leader.<\/p>\n

At the time, the central bank said: “The pace of monetary tightening will slow down and the tightening cycle will be completed in a short period of time.”<\/p>\n

This has not yet occurred, and to grapple with the out-of-control figure, Turkey has hiked interest rates multiple times, the most recent coming in November when the central bank increased the number to 40 percent.<\/p>\n

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