Cyprus Mail
BusinessInternationalTurkey

Goldman sees Turkey inflation of near 80 per cent before relief comes

turkey economy turkish

Goldman Sachs said on Friday it expects annual inflation in Turkey to reach almost 80 per cent before easing to 60 per cent by the end of 2022, thanks to so-called favourable base effects.

Inflation in Turkey hit 73.5 per cent in May, stoked by a currency crisis last year and soaring energy costs due to Russia’s invasion of Ukraine.

The lira lost 44 per cent against the dollar in 2021 in addition to another 24 per cent so far this year. It remains under pressure as real yields in Turkey are deeply negative amid a global tightening cycle.

Related Posts

Cyprus saw sharp increase in counterfeit notes in 2022

Kyriacos Nicolaou

The 2 per cent target: Central banks’ inflation touchstone faces post-pandemic reckoning

Reuters News Service

Nissan and Renault agree to overhaul alliance, this time as equals

Reuters News Service

TechIsland workshop and AMA session for relocating employees in Cyprus

Panis Pieri

Ripple (XRP) is nearing the $0.45 mark; Orbeon Protocol (ORBN) posts massive gains during presale

CM Guest Columnist

Staying the course: Five questions for the ECB

Reuters News Service