Turkey has a sharply increased the 2022’s forecast for inflation to the level of 65%

Ankara 5th of September : Turkey sharply raised the forecast for inflation in 2022 to 65 percent from 9.8 percent forecast one year ago according to the governments program that was that was published in the Official Gazette.

The war between Russia and Ukraine that began in the latter part of February aggravated the situation in Turkey, raising energy prices to record levels.Despite the high inflation rate however, the country didnt increase interest rates like many central banks did to combat the rising rate of inflation.The central bank shocked markets once more with cuts of 100 basis points of the rate to 13.3.