Inflation rate in Turkey reaches 24-year high of 73.5%
In Friday's Chart of the Day, Yahoo Finance Live anchor Brian Cheung looks at how inflation has reached a 24-year high in the country of Turkey.
Video Transcript
BRIAN CHEUNG: Well, going back to the topic of inflation, today's chart of the day comes from the nation of Turkey, where inflation is on, let's just say, another level. The country's statistical agency reporting that prices in the country rose by 73.5% year over year in May, food prices almost doubling. And we have to remember, these are rates of change here, not necessarily levels. So you see all of this compounding, as we've seen inflation rates above 50% in many of the previous months.
We have to keep in mind that there's been a lot of politics behind this. The president, Erdogan, in that country has actually turned over any central bank head that wants to advocate for higher rates. In fact, if anything, they've slashed rates by about five percentage points since September, even though it's still at a relatively elevated 14%. So even with high inflation, not quite at double digits here in the United States, I guess you could say it could always be worse.
