Inflation in Turkey showed a sharp drop in December thanks mainly to a favorable base effect—a development that could help President Recep Tayyip Erdogan’s standing before an election.
ANKARA, Turkey—Inflation in Turkey showed a sharp drop in December thanks mainly to a favorable base effect—a development that could help President Recep Tayyip Erdogan’s standing before an election, but is unlikely to bring relief to households suffering from a cost of living crisis.
It’s the second month in a row that inflation has eased after hitting a 24-year high of 85.5 percent in October. The fall is attributed to a base effect, with a high index from a year ago statistically bringing the inflation rate down. Last year, Turkey’s central bank slashed interest rates by 5 percentage points, down to 9 percent despite high inflation. In contrast, central banks around the world raised rates to fight soaring inflation.
In steps geared toward the election, the Turkish president has raised the minimum wage by 55 percent to ease economic hardships and also announced a measure that would allow more than 2 million people to retire early despite warnings of the move’s additional budgetary burden.
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