Economic Report from YENİ Party: Turkey is the Only Country in Europe Experiencing Double-Digit Inflation
A report prepared by the YENİ Party emphasized that Turkey is the only country in Europe with a double-digit annual inflation rate at 29.73 percent.
According to the weekly economic report published by the YENİ Party TBMM Group, Turkey stands as the only country on the European continent experiencing double-digit inflation, with an annual inflation rate of 29.73 percent.
Scope of the Economic Report
The weekly economic report prepared by the YENİ Party TBMM Group addresses current data in the Turkish and world economies. The report comparatively examines the September inflation figures announced by the Turkish Statistical Institute and international indicators.
Inflation Targets and Revisions
The government's year-end inflation target was initially set at 16 percent and was revised to 28.4 percent in the Medium-Term Program published in September. Meanwhile, the Central Bank of the Republic of Turkey continues to maintain its year-end forecast at 28 percent.
Expectations for the Remaining Months
For the Medium-Term Program target to be met, total inflation in the remaining three months of the year must not exceed 3.28 percent. In order for the Central Bank's forecast to materialize, total inflation in the same period is required to remain below 2.96 percent.
Global and Regional Rankings
Although annual inflation has declined to 29.73 percent according to TÜİK data, Turkey ranks as the country with the fifth-highest annual inflation in the world globally, following Venezuela, Iran, South Sudan, and Argentina.
Europe and G20 Comparison
Turkey sits at the top among European countries as the only nation with double-digit inflation. The country is followed by Ukraine with 8.1 percent and Kosovo with 7.3 percent, while it ranks second among G20 countries after Argentina.