Turkish Finance Ministry Expects Inflation To Peak In April At Below 50%

The Turkish Ministry of Treasury and Finance expects inflation to reach its highest point in April, to slightly under 50%, Minister Nureddin Nebati said on Thursday

ANKARA (UrduPoint News / Sputnik - 03rd February, 2022) The Turkish Ministry of Treasury and Finance expects inflation to reach its highest point in April, to slightly under 50%, Minister Nureddin Nebati said on Thursday.

"We predict that inflation will peak in April below 50%," Nebati said, as quoted by Turkish broadcaster NTV.

According to the data released by the Turkish Statistical Institute on Thursday, inflation in Turkey in January spiraled up 48.69% year-on-year, compared to 36.08% in December 2021.

The consumer price index increased 11.1% from the month prior, the institute said.

The Turkish Currency lost over 50% of its value throughout last year, plummeting from 7.

4 liras against the Dollar in January 2021 to 18.4 on December 20.

This led to protests in several large cities, including Istanbul and Ankara, and prompted calls for the government to resign. However, after Erdogan's statements about measures to counteract the volatility of the Turkish currency, lira gained some of its value back at the end of 2021.

In December, Erdogan unveiled a strategy to curb the lira's drop. The plan was criticized by the opposition, which accused the leader of economic incompetence for dragging the country into a deeper crisis.